NATIONAL COMPANY LAW TRIBUNAL

MUMBAI BENCH

COURT – IV

Item No.: 27

C.P. (IB)/775(MB)2024

CORAM:

SHRI ANIL RAJ CHELLAN SHRI K. R. SAJI KUMAR HON’BLE MEMBER (TECHNICAL) HON’BLE MEMBER (JUDICIAL)

ORDER SHEET OF THE HEARING (HYBRID) HELD ON 08.10.2025

NAME OF THE PARTIES: THE CANARA BANK LIMITED

VS

ASHOK YOGINDER PUNJ

For Applicant : Adv. Harsh Gutka a/w Adv. Areen Shaikhi i/b Anup Khaitan &

Co.

For RP : Adv. Aniruth Purushothaman.

For PG : Adv. Radha Nain i/b The Law Point.

Section 95(1) of IBC

O R D E R

1. Canara Bank has filed this Application to initiate Insolvency Resolution Process against Ashok Yoginder Punj, the Personal Guarantor, under Section 95 of the Insolvency and Bankruptcy Code, 2016 (Code), read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtors)

Rules, 2019.

2. The Ld. Counsel appearing for the Applicant states that this Application has been filed in respect of the guarantee furnished by the Personal Guarantor for securing the loan granted by the Applicant to PSL Ltd. (Corporate Debtor).

It is further submitted that the Application has been filed assuming that the registere