Authority: National Company Law Tribunal, Bengaluru Bench
Order Date: October 9, 2026
Case Overview
The National Company Law Tribunal (NCLT), Bengaluru Bench, heard an interlocutory application (IA No. IBC 1049/2026) in the main petition CP(IB) No. 178/BB/2026. The petition was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016 by Mr. Suresh Bonageri (Petitioner/Personal Guarantor) against State Bank of India (Respondent/Financial Creditor). The bench comprised Hon'ble Member (Judicial) Shri. Sunil Kumar Aggarwal and Hon'ble Member (Technical) Shri. Radhakrishna Sreepada. The Resolution Professional appeared during the hearing.
The tribunal considered the RP report and issued procedural directions for the next steps in the insolvency proceedings against the personal guarantor.
Final Outcome
The NCLT directed that notice of the Resolution Professional's report be sent to the respondent financial creditor (State Bank of India), requiring them to file their response to the report within two weeks of receipt. Copies of the response must be provided to the Resolution Professional and the Personal Guarantor (petitioner). The petitioner may then file a rejoinder by the next hearing date. The matter has been adjourned and listed for further hearing on November 2, 2026, along with the main petition.
Topics: Insolvency Proceedings, Personal Guarantor, Banking Debt