Authority: National Company Law Tribunal, Indore Bench Court No. 1 (Hon'ble Shri Brajendra Mani Tripathi, Member (J) and Hon'ble Shri Man Mohan Gupta, Member (T))

Order Date: 08/06/2026

Case Overview

The National Company Law Tribunal (NCLT), Indore Bench, heard an application (IA/256(MP)/2026) filed by Dr. Vichitra Narayan Pathak, the Resolution Professional (RP) in the Personal Insolvency Resolution Process (PIRP) of Mr. Dhanesh Manglani, who is the personal guarantor to the corporate debtor Dhanlaxmi Solvex Pvt Ltd. The application was filed under Section 112 of the Insolvency and Bankruptcy Code (IBC), 2016 read with Rule 11 of the NCLT Rules, 2016. The main matter (C.P.(IB)/32(MP)/2021) was initiated by State Bank of India (SBI) under Section 95 of IBC against Mr. Dhanesh Manglani. The PIRP commenced on 27.01.2025 following the tribunal's order, and Dr. Pathak was appointed as RP.

The RP performed his duties, including publishing a notice in the newspaper on 02.02.2025 and preparing a list of creditors. The personal guarantor, in consultation with the RP, prepared a repayment plan for restructuring his debts. During the 6th Committee of Creditors (CoC) meeting on 24.10.2025, the guarantors agreed to enhance the repayment plan to ₹27.13 crore. The RP convened another CoC meeting on 26.10.2025 and put the resolution for e-voting, which was extended multiple times upon creditors' requests and finally closed on 23.03.2026.

The resolution for approving the repayment plan of ₹27.13 crore was rejected by the CoC with 76.64% of voting shares against it (14.72% in favor, 8.64% abstained). The resolution also included provisions for the RP to act as Chairperson of the Implementation and Monitoring Committee with a monthly remuneration of ₹1,00,000 plus taxes, and for the personal guarantors to bear resolution process costs above ₹27.18 lakh. Since the plan was rejected by the CoC, it was never placed before the adjudicating authority for approval.

Final Outcome

The NCLT disposed of the application with the following directions:

1. The delay of 189 days in filing the application was condoned.

2. The report filed under Section 112 of IBC was taken on record and accepted. The repayment plan was rejected under Section 114 of IBC as it was already rejected by the CoC.

3. Creditors are at liberty to initiate bankruptcy proceedings under Section 115(2) read with Section 121 of IBC within three months from the date of the order.

4. The moratorium under Section 101 of IBC, which commenced regarding all debts and assets of the personal guarantor, ceased to have effect after 180 days. Creditors can now pursue recovery outside the IBC framework, subject to applicable laws.

5. The RP stands discharged and is entitled to claim insolvency resolution process costs from the stakeholders.

6. A copy of the order is to be provided to the Insolvency and Bankruptcy Board of India (IBBI) for entry in the register under Section 196 of IBC. The RP must provide copies to all creditors and the personal guarantor within one week.

Topics: Insolvency Resolution, Personal Guarantor, Committee of Creditors