MUMBAI BENCH COURT VI

Item No. P-6

IA (I.B.C) 2711/MB/2025 in C.P. (IB)/1139(MB)2023

CORAM:

SHRI SAMEER KAKAR SHRI NILESH SHARMA

HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)

ORDER SHEET OF HEARING (HYBRID) DATED 25.08.2025

NAME OF THE PARTIES: Mahesh Sureka Resolution Professional

Vs.

Prakash Kumar

Under Sections 105, 112 & 113 of the IBC.

ORDER

The case is fixed for pronouncement of the order. The order is pronounced in the open court, vide separate order. Detailed order is being uploaded on the NCLT

portal today.

Sd/- Sd/-

SAMEER KAKAR NILESH SHARMA

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

//AS//

IA (I.B.C) 2711/MB/2025 in CP (IB) No. 1139/MB/2023 [Under Section 112 of the Insolvency and Bankruptcy Code, 2016]

MAHESH SUREKA Resolution Professional Personal Guarantor of Mr. Prakash Kumar Having registered address at:

173, Udyog Bhavan, Sonawala Road, Goregaon East, Mumbai – 400063. … Applicant/RP V/s PRAKASH KUMAR Personal Guarantor of RPJ Overseas Exim Pvt. Ltd.

Having address at:

102, Nikunj Chaya CHS Ltd., Mathuradas Road, Near Asian Bakery, Kandivali West, Mumbai – 400067. … Respondent/PG In the matter of:

MAHESH SUREKA …Resolution Professional/Applicant Pronounced: 25.08.2025 CORAM:

HON’BLE SHRI NILESH SHARMA, MEMBER (JUDICIAL)

HON’BLE SHRI SAMEER KAKAR, MEMBER (TECHNICAL)

Appearances: Hybrid For Applicant/RP: Adv. Mahesh Sureka For Financial Creditor: Adv. Vaishnavi Pawar For Respondent/PG: Adv. Arif Bhati

ORDER

[PER: CORAM]

IA/2711/(MB)2025

1. The present Application bearing IA/2711/(MB)2025 is filed on 24.05.2025 by the Applicant/Resolution Professional (hereinafter referred to as “RP”) of Mr. Prakash Kumar, Personal Guarantor of M/s. RPJ Overseas Exim P. Ltd., under Sections 112 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC”), seeking the following prayers:-

“1. To take on record that no repayment plan has been received in case of PG Prakash Kumar of RPJ Overseas Exim P Ltd.

2. To Pass the order U/S 115 of IBC, 2016 for closure of Resolution process of PG Prakash Kumar of RPJ Overseas Exim P Ltd.

3. To allow creditors for filing the application for bankruptcy

4. Any other order as Honourable bench deem fit.”

2. The Applicant/RP submits that The Bank of Maharashtra, acting as the Petitioner, submitted an application under Section 95, before Court No. 1 of NCLT Mumbai Bench, seeking the initiation of the insolvency resolution process for Prakash Kumar. This application pertains to an outstanding debt of Rs. 6,24,73,000/- (Rupees Six Crore Twenty-four Lakhs Seventy-three Thousand) along with interest till date in Form C under Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for personal guarantor to corporate debtor) Rule, 2019.

3. It is stated that this Tribunal has passed an Order on 07.01.2025 for the initiation of the Resolution Process against Mr. Prakash Kumar.

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4. That the Applicant herein was appointed as the RP under Section 100 of IBC in the aforementioned matter on 07.01.2025. Subsequently, the RP placed an advertisement in two newspapers for the invitation of claims on 09.01.2025. The copy of the advertisement has been submitted as Annexure-

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5. It is stated that during the process, the RP has received two claims from financial creditors, which were as under: -

6. It is stated that the RP sent a letter to the PG on 11.01.2025. On 06.02.2025, the PG called and showed his interest to meet the RP, but after that, no meeting could take place. It is stated that a reminder mail was sent to PG as on 10.02.2025, but no reply was received. As of the date, no details of assets, liabilities, financial position, or income have been submitted.

7. It is stated that in light of the no reply from the PG, the RP has determined that no resolution plan has been forthcoming from the PG. Consequently, it is proposed that this matter be informed upon in the forthcoming Creditors meeting scheduled for 06.03.2025 at 12 PM at 173, Udyog Bhavan, Sonawala Road, Goregaon East, Mumbai-400063. The p