National Company Law Tribunal Order in SIDBI vs J. Samuel Jeffson
Authority: National Company Law Tribunal, Division Bench - II, Chennai
Order Date: June 16, 2026
Case Overview
The National Company Law Tribunal (NCLT) Chennai Bench heard petition CP(IBC)/18(CHE)2023 filed by Small Industries Development Bank of India (SIDBI) against personal guarantor J. Samuel Jeffson under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. During the hearing, counsel for the personal guarantor raised a significant claim that SIDBI had already invoked SARFAESI proceedings and recovered ₹6.15 crore from the respondent. The personal guarantor further contended that this recovered amount substantially exceeds the one-time settlement (OTS) amount that was previously agreed upon or discussed between the parties.
Final Outcome
The NCLT bench, comprising Member (Judicial) Shri. Jyoti Kumar Tripathi and Member (Technical) Shri. Ravichandran Ramasamy, issued specific directions in response to these claims. The tribunal directed SIDBI to file a detailed memo clarifying the updated status of dues owed by the personal guarantor, particularly addressing the discrepancy between the recovered amount and the OTS amount. The petitioner was given two weeks to submit this memorandum. Additionally, the personal guarantor was instructed to file a hard copy of their memo. The matter has been adjourned and listed for next hearing on July 21, 2026.
Topics: Insolvency Proceedings, Banking Recovery