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2025 Supreme(Online)(NCLT) 3638
NATIONAL COMPANY LAW TRIBUNAL
Sanjiv Jain, Venkataraman Subramaniam, JJ
Central Bank of India – Appellant
Versus
Shantilal Surana – Respondent
Main Petition Number: CP(IB)/204(CHE)/2021 | Application Numbers: IA(IBC)/817(CHE)/2025
For the Appellants/Petitioners: Mr. Thilak Narayanan
For the Respondents: Ms. Prapti Mehta
The court upheld the closure of personal insolvency proceedings when a repayment plan was not submitted and the CoC unanimously voted for closure.
Headnote:This ruling involves the closure of personal insolvency proceedings against the Personal Guarantor, reflecting the court's consideration of relevant procedural timelines and party interactions. The court frames the main issues concerning the absence of a repayment plan and the moratorium expiry. Ultimately, it resolves that the insolvency proceeding against the Personal Guarantor be closed, reaffirming the CoC's unanimous decision to do so.
403
IN THE NATIONAL COMPANY LAW TRIBUNAL
DIVISION BENCH (COURT– I) CHENNAI
ATTENDANCE CUM ORDER SHEET OF THE HEARING
HELD ON 21.07.2025 THROUGH VIDEO CONFERENCE
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PRESENT: HON'BLE SHRI SANJIV JAIN, MEMBER (JUDICIAL)
HON'BLE SHRI VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL)
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IN THE MATTER OF : Central Bank of India
Vs
Shantilal Surana
MAIN PETITION NUMBER : CP(IB)/204(CHE)/2021
(IA/MA) APPLICATION NUMBERS
IA(IBC)/817(CHE)/2025
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ORDER It is stated that on 04.02.2025, Ms. Prapti Mehta, the Counsel for Shantilal Surana, visited the Office of the Applicant and informed him that an Appeal under Section 61 of the IBC has been filed before the Hon'ble NCLAT challenging the Order of this Bench initiating the Personal Insolvency Resolution Process and the Appeal is yet to be numbered. On 12.02.2025, Ms. Prapti Mehta, sent an email to the Applicant, giving the details of properties which were charged to the Bankers and IT Returns for the Assessment Years 2022-2023, 2023-2024 and 2024-2025. In the said email, it was stated that all the Assets in the name of the Personal Guarantor, form part of Surana Corporation Ltd were transferred to Mr. Vijayraj Surana by virtue of a Memorandum of Settlement dated 20.04.2015. It was conveyed that by virtue of another Memorandum of Settlement, the assets stood in his name which form part of Surana Industries were transferred to Mr. Dinesh Chand Surana. The Counsel further stated that, if any properties/Assets/shares are identified to be in the name of Shantilal Surana, which form part of the Surana Group, the Personal Guarantor would relinquish his interest over those properties and the same may be liquidated and proceeds be realized as per law.
CP(IB)/204(CHE)/2021
IA(IBC)/817(CHE)/2025
Present: Mr. Thilak Narayanan, Ld. Counsel for Applicant.
IA(IBC)/817(CHE)/2025 has been filed seeking closure of personal
insolvency proceedings against the Personal Guarantor.
Heard and perused.
In the instant case, the insolvency process against the Personal Guarantor was
initiated on 18.12.2024. The moratorium has also expired.
It is stated that on 31.01.2025, the Applicant had visited the residence of the
Personal Guarantor at S.U.S Bhavan, 23/13A, Mandapam Road, Kilpauk, Chennal the said address. When the Applicant enquired about the Personal Guarantor, he attend a family function in the native place of Rajasthan and will return after 3 weeks. The Applicant explained to Mr. Rajiv the requirement of submission of
Repayment Plan in the Personal Insolvency Resolution Process.
It is stated that the Appeal filed in the matter by the Personal Guarantor in Company Appeal (AT) (INS) No.186 of 2025 was listed for admission on 07.04.2025 and the same was adjourned to 09.06.2025 and no interim Order was granted in the Personal Insolvency Process.
It is stated that CoC meeting was held on 04.06.2025 and the CoC with 100%
voting, voted for closure of the insolvency process against the Personal Guarantor.
The RP has filed the Final Report in Annexure – 10 of the Application.
The Report is taken on record.
Considering the submissions and the facts that the Personal Guarantor has not submitted any repayment plan and the moratorium period has expired and that CoC has resolved with 100% voting to close the process, we direct that the insolvency proceeding against the Personal Guarantor be closed The Creditor(s) may take appropriate action as per law.
The Application and Petition are disposed of.
File be consigned to records.
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[VENKATARAMAN SUBRAMANIAM] [SANJIV JAIN]
MEMBER (TECHNICAL) MEMBER (JUDICIAL)
MS Date: 21.07.2025
