606

IN THE NATIONAL COMPANY LAW TRIBUNAL

DIVISION BENCH (COURT– I) CHENNAI

ATTENDANCE CUM ORDER SHEET OF THE HEARING

HELD ON 16.12.2025 THROUGH VIDEO CONFERENCING

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PRESENT: HON’BLE SHRI. SANJIV JAIN, MEMBER (JUDICIAL)

HON’BLE SHRI. VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL

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APPLICATION NUMBER :

PETITION NUMBER : CP(IBC)/230(CHE)/2025

NAME OF THE PETITIONER(S) : Central Bank of India

NAME OF THE RESPONDENTS : Vimala Joseph Raj

UNDER SECTION : Sec 121 r/w 122 & 123 of IBC, 2016

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ORDER IN THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH – I, CHENNAI CP(IBC)/230(CHE)/2025 (filed under Section 121 & 123 of Insolvency and Bankruptcy Code, 2016, read with Insolvency and Bankruptcy (Application to Adjudicating Authority for Bankruptcy Process for Personal Guarantors to Corporate Debtors) Rules, 2019)

Present: Ld. Counsel Shri. B. Raghavulu Naidu for the Petitioner.

None for the Respondent.

Vide separate order pronounced in Open Court, the bankruptcy

proceeding is initiated against the Personal Guarantor Ms. Vimala Joseph Raj.

Mr. S. Chandrasekhar Sagutoor is appointed as Bankruptcy Trustee.

-Sd- -Sd-

(VENKATARAMAN SUBRAMANIAM) (SANJIV JAIN) MEMBER (TECHNICAL) MEMBER (JUDICIAL)

MG

Date: 16.12.2025

In the matter of Mrs. Vimala Joesph Raj Central Bank of India, Stressed Asset Management Branch 48/49, Ground floor, Montieth Road, Egmore, Chennai -600008 .…Applicant -vs-

Mrs. Vimala Joseph Raj Personal Guarantor of Oceanic Edibles International Private Limited B01-4, Navin's Dayton Height, 76, Nelson Manickam Road, Railway colony, Aminjikarai, Chennai 600029. …Respondent Order pronounced on 16th December, 2025 CORAM :

SANJIV JAIN, MEMBER (JUDICIAL)

VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL)

For Petitioner : K. Mohandas, B. Raghavulu Naidu, K. Chandrasekaran, Advocates For Respondent: Madhan Ramu, Advocate ORDER

1. This application has been filed under Sections 123 of the Insolvency and Bankruptcy Code 2016 (hereinafter, IBC, 2016) read with IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019 and NCLT Rules, 2016, to initiate Bankruptcy Process against the Personal Guarantor of the Corporate Debtor.

2. Briefly the facts are that the Financial Creditor of Oceanic Edibles International Private Limited filed a petition under Section 95(1) of IBC against Mrs. Vimala Joseph Raj, Personal Guarantor after invocation of guarantee by a demand notice in Form B dated 08.12.2020. The petition was admitted by this Tribunal vide order dated 30.08.2024, and Shri S. Chandrasekhar Sagutoor was appointed as the Interim Resolution Professional (“IRP”). The IRP invited claims from the creditors, prepared the list of creditors, and called upon the Personal Guarantor to submit a repayment plan. The Personal Guarantor submitted a repayment plan on 13.01.2025, it was placed before the Committee of Creditors (“CoC”) in the meeting held on 07.02.2025. The repayment plan failed to secure the requisite voting share under Section 111 of the Code, having received only 41.02% of the votes, and was accordingly rejected by the CoC. Pursuant thereto, an application under Section 112 of the Code was filed vide I.A. No. 1009/2025. This Tribunal, by order dated 11.07.2025, passed an order under Section 114 of the Code rejecting the repayment plan of the Personal Guarantor and consequently closed the personal insolvency resolution process. Thereafter, the present application has been filed seeking initiation of the bankruptcy process, proposing Shri S. Chandrasekhar Sagutoor as the Bankruptcy Trustee.

3. On this application, notice was given to the Personal Guarantor. The Counsel for the Respondent submitted that the Respondent