IN THE NATIONAL COMPANY LAW TRIBUNAL NEW DELHI BENCH COURT-IV IN THE MATTER OF:

Canara Bank …Applicant/ Financial Creditor Versus Ms. Bubbles Sabharwal ... Respondent/Personal Guarantor AND IN THE MATTER OF:

Mr. Anil Kumar Mittal Resolution Professional (In the matter of Personal Guarantor of M/s. Integrated Caps Private Limited)

... Applicant/Resolution Professional CORAM:

SHRI MANNI SANKARIAH SHANMUGA SUNDARAM, HON’BLE MEMBER (JUDICIAL)

SHRI ATUL CHATURVEDI HON’BLE MEMBER (TECHNICAL)

Order Delivered on: 20.01.2026 Present:

For the Applicant : Mr. Arun Kumar Shukla, Mr. Naman Shukla &

Mr. Navin kumar, Advs.

For the Respondent : Mr. Vivek Kumar Ranghera, Adv.

For the RP : Mr. Brijesh Kumar Tamber and Mr. Prateek Kushwaha, Advs.

Mr. Anil Kumar Mittal, RP in person

ORDER

PER: ATUL CHATURVEDI, MEMBER (TECHNICAL)

1. The present petition is filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 by Canara Bank for initiation of Insolvency Resolution Process qua the Respondent/Personal Guarantor i.e., Ms. Bubbles Sabharwal. This Adjudicating Authority vide order dated 21.12.2023 initiated Interim Moratorium under Section 96 of the Code and appointed Mr. Anil Kumar Mittal bearing registration no. IBBI/IPA- 002/IP-N00742/2018-2019/12263 as the Resolution Professional to submit a Report within a stipulated time as per Section 99 of the Code. In compliance of order dated 21.12.2023, the Resolution Professional submitted a report under section 99 of the Code through IA/1008/ND/2024.

2. FACTS OF THE CASE a. The Canara Bank, vide its Sanction Letter dated 28.02.2015, bearing Reference No. SYNB/NOTICE/ICPL/2018, sanctioned various Working Capital Facilities in favour of the Corporate Debtor, M/s Integrated Caps Pvt. Ltd., aggregating to ₹33,95,43,000/- (Rupees Thirty-Three Crores Ninety-Five Lakhs Forty-Three Thousand only). The said facilities were stipulated to fall due for repayment on or before 27.09.2017.

b. It is submitted that the Corporate Debtor defaulted in the repayment of the Working Capital Facilities sanctioned by Canara Bank and, consequently, the loan accounts were classified as Non-Performing Assets (NPA) on 27.09.2017. Pursuant to the default, Canara Bank, vide its Guarantee Invocation Notice dated 09.03.2018 bearing No. SYNB/NOTICE/ICPL/2018, invoked the personal guarantee furnished by the Personal Guarantor and called upon him to discharge the outstanding dues under the said facilities. Thereafter, Canara Bank, through its Demand Notice in Form B dated 22.07.2022 issued to the Personal Guarantor, once again demanded repayment of the amounts due and payable under the sanctioned facilities.

c. It is submitted that a Petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 was filed by Shri Bal Pratap Srikent against the Corporate Debtor, M/s Integrated Caps Private Limited, and the said Petition, bearing C.P. (IB) 74/ND/2018, was admitted by this Tribunal (New Delhi, Court–IV) vide Order dated 06.03.2018, thereby commencing the Corporate Insolvency Resolution Process (“CIRP”). Subsequently, an Application under Section 33 of the Code was filed by the Resolution Professional seeking initiation of the Liquidation Process of the Corporate Debtor, which was allowed by this Bench vide Order dated 01.02.2019.

d. It is further pertinent to note that, upon examination of the relevant records, the amount claimed as due and payable to Canara Bank at the time of initiation of the Original Application (“OA”) before the Debt Recovery Tribunal (“DRT”) was computed up to the date of filing of the said OA. Owing to continued non-recovery of the outstanding dues, interest continued to accrue on the principal and other outstanding components, thereby enhancing the total liability of the Corporate Debtor and the Personal Guarantor.

e. During the liquidation proceedings of the Corporate Debtor, certain disbursements were made to Canara Bank in multiple tranches, which were credited into three separate loan accounts in the following