Authority: National Company Law Tribunal, Division Bench-I, Chennai
Order Date: 29 June 2026
Case Overview
The matter involves an application filed by the Interim Resolution Professional (IRP) representing Yes Bank Ltd. in the insolvency proceedings of Uniply Décor Ltd. The application specifically concerns Keshav Narayan Kantamneni, who is the personal guarantor for the corporate debtor, Uniply Décor Ltd. The IRP filed application number IA(IBC)/1041/CHE/2026 to submit a consolidated status report covering the period from 12 February 2026 to 26 May 2026 regarding the personal guarantor's involvement in the insolvency resolution process. The primary purpose of the application was to seek the tribunal's direction for the personal guarantor to cooperate with the IRP to facilitate completion of the insolvency resolution process.
Final Outcome
The NCLT Chennai bench, comprising Member (Judicial) Sanjiv Jain and Member (Technical) Venkataraman Subramaniam, disposed of the application. The tribunal accepted the consolidated status report on record subject to all just exceptions. The bench directed the IRP to place the matter before the Committee of Creditors (CoC) for consideration regarding the prayer made in the application seeking the personal guarantor's cooperation. The application was thus disposed of without issuing direct orders to the personal guarantor, instead deferring the decision to the CoC.
Topics: Insolvency Proceedings, Personal Guarantor, Committee of Creditors