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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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IN THE MATTER OF : The Central Bank of India

Vs

Vijayaraj Surana

MAIN PETITION NUMBER : CP(IB)/221(CHE)/2021

(IA/MA) APPLICATION NUMBERS

IA(IBC)/1591(CHE)/2025

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ORDER IN THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH – I, CHENNAI IA(IBC)/1591(CHE)/2025 In CP(IBC)/221(CHE)/2021 (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. Prashanth for the Applicant.

None for the Respondent.

Vide separate order pronounced in Open Court, the bankruptcy

proceeding is initiated against the Personal Guarantor Mr. Vijayaraj Surana.

Mr.V. Duraisamy is appointed as Bankruptcy Trustee. -Sd- -Sd-

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

MG

Date: 16.12.2025

In the matter of Mr. Vijayaraj Surana Central Bank of India, Stressed Asset Management Branch 48/49, Ground floor, Montieth Road, Egmore, Chennai -600008 .…Applicant -vs-

Mr. Vijayaraj Surana Personal Guarantor of Surana Industries Limited No.15, Flat No.2D, Orchid Villa, Harington Road, Chetpet, Chennai - 600 031. …Respondent Order pronounced on 16th December, 2025 CORAM :

SANJIV JAIN, MEMBER (JUDICIAL)

VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL)

For Petitioner: Mr. Ebebezar Inbaraj, Mr. S. Clara Hepsiba, Advocates For Respondent: G. Guruprasath, O. Hasmukh Jain, K. Siranjeevi, 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 Surana Industries Limited filed a petition under Section 95(1) of IBC against Mr. Vijayaraj Surana, Personal Guarantor after invocation of guarantee by a demand notice in Form B dated 09.12.2020. The petition was admitted by this Tribunal vide order dated 18.12.2024, and Shri. V. Duraisamy 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.

3. The Applicant states that the Personal Guarantor is imprisoned at Central Prison-11, Puzhal, Chennai. The Personal Guarantor, through the Jailer, has submitted the details sought for by the Applicant vide Letter dated 24.01.2025, however, no repayment plan was proposed. It is stated that on 05.02.2025, the Applicant visited the Central Prison, Puzhal-11 and explained to the personal Guarantor about the requirement of submission of Repayment Plan in the Personal Insolvency Resolution Process. After discussions and deliberations, the Personal Guarantor informed the Applicant that he is expecting to be released on bail shortly and he requires an additional time period of 3 weeks to submit the Repayment plan. It is stated that in view of the request made by the Personal Guarantor, the Applicant filed the Second Status Report reporting the above developments and sought extension of time for submitting the Repayment Plan till 26.02.2025. Despite the time so granted, the Personal Guarantor failed to submit any repayment pla