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NATIONAL COMPANY LAW TRIBUNAL
Prabhat Kumar, Member (Technical), Sushil Mahadeorao Kochey, Member (Judicial)
Punjab National Bank – Appellant
Versus
Pankaj Mahajan – Respondent
| Table of Content |
|---|
| 1. application seeks secured creditor recognition in cirp. (Para 1 , 2 , 3) |
| 2. loan facilities secured by pledge and corporate guarantee. (Para 4 , 5 , 6 , 7 , 8 , 9) |
| 3. rp reclassifies pnb claim as unsecured; objection raised. (Para 10 , 11 , 12 , 13 , 14) |
| 4. rp lacks authority to reclassify creditor status. (Para 15 , 16 , 17) |
| 5. security interest alone excludes financial creditor status. (Para 18 , 19 , 20 , 21) |
| 6. guarantee creates financial debt; concurrent secured creditor. (Para 22 , 23 , 24 , 25) |
| 7. pledge and guarantee secure same restructured debt. (Para 26) |
| 8. applicant classified as secured financial creditor. (Para 27 , 28 , 29 , 30) |
Arshiya Limited …Corporate Debtor Order delivered on: 12.01.2026 Coram Shri Prabhat Kumar Sushil Mahadeorao Kochey Hon’ble Member (Technical) Hon’ble Member (Judicial)
Appearances:
CP (IB)/ 3143 (MB) 2019 For the Applicant : Adv. Ankur Kumar a/w Adv.
Saniya Anjum and Adv. Komal For the Respondent : Adv. Ayush Rajani ORDER
1. The present interlocutory application IA 2913 of 2025 is filed on 11.6.2025 under Section 60(5) of Insolvency & Bankruptcy Code, 2016 (“Code”) by Punjab National Bank (“the Applicant/ PNB”) against Pankaj Mahajan,
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