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IN THE NATIONAL COMPANY LAW TRIBUNAL

NEW DELHI BENCH

COURT-IV

I.A. NO. 244/ND/2024

IN

C.P. (IB) NO. 709/ND/2023

AND

C.P. (IB) NO. 709/ND/2023

IN THE MATTER OF:

UMESH SINGHAL

HOUSE NO. 13. 1ST FLOOR,

ROAD NO. 68 PUNJABI BAGH,

NEW DELHI-110026

…APPLICANT/RESOLUTION PROFESSIONAL

AND IN THE MATTER OF:

INDIAN BANK

SAM LARGE BRANCH

17, FIRST FLOOR, PARLIAMENT STREET

NEW DELHI-110001

…PETITIONER

VERSUS

SHRI JITENDRA KEJRIWAL

20-C/73, PUNJABI BAGH (WEST)

NEW DELHI-110026

…RESPONDENT

ORDER DELIVERED ON: 29.01.2026

CORAM

SHRI MANNI SANKARIAH SHANMUGA SUNDARAM,

HON’BLE MEMBER (JUDICIAL)

SHRI ATUL CHATURVEDI

HON’BLE MEMBER (TECHNICAL)

PRESENT

For the Applicant : Mr. Amod Kumar Dalela and Mr. Abhishek Adv.,

on behalf of the petitioner- Indian Bank

For the PG : Mr. Rukun Vadhera, Proxy Counsel for Personal

Guarantor

For the RP : Mr. Jayant Aggarwal, Adv., for Resolution

Professional

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I.A. NO. 244/ND/2024

IN

C.P. (IB) NO. 709/ND/2023

AND

C.P. (IB) NO. 709/ND/2023

Order Dated: 29.01.2026

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., Mr.

Jitendra Kejriwal. This Adjudicating Authority vide order dated

15.12.2023 initiated Interim Moratorium under Section 96 of the Code

and appointed Mr. Umesh Singhal bearing registration no. IBBI/IPA-

002/IP-N00124/2017-18/10293 as the Resolution Professional to

submit a Report within a stipulated time as per Section 99 of the Code.

In compliance of order dated 15.12.2023, the Resolution Professional

submitted a report under section 99 of the Code through

IA/244/ND/2024.

2. FACTS OF THE CASE

i. The Principal Borrower/Corporate Debtor i.e., M/s Surya

Vikas Plywood Limited applied for sanction of Working Capital

facilities to the Indian Bank (formerly known as Allahabad

Bank), before the amalgamation of the latter with the former

(hereinafter known as Bank).

ii. The Bank vide its letter ref no. Br/PST/ADV/SVPL dated

02.02.2012 sanctioned the following financial facilities to M/s

Mansfield Cables Company Limited-

a. Cash Credit Limit

b. WCTL Limit

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I.A. NO. 244/ND/2024

IN

C.P. (IB) NO. 709/ND/2023

AND

C.P. (IB) NO. 709/ND/2023

Order Dated: 29.01.2026

iii. The Personal Guarantor executed the deed of guarantee on

14.02.2012. Meanwhile, the account of the Principal Borrower

was declared as NPA on 28.08.2014. Further, another deed of

guarantee dated 27.03.2018 was executed between the

Creditor and the Personal Guarantor. The said deed was

executed after declaring the account of the Principal Borrower

as NPA and after executing Renewed Sanction Letter dated

27.09.2014 and 27.03.2017.

iv. The Applicant had issued demand notice to the

Respondent/Guarantor under Rule 7(1) of the IBBI

(Application to Adjudicating Authority for Insolvency

Resolution Process for Personal Guarantors to Corporate

Debtors) Rules, 2019. The Personal Guarantor, however, vide

his reply to the demand notice denied the said liability and

alleged that the Creditor bank has been reluctant to the

settlement requests of the Personal Guarantor.

3. In compliance with the order dated 15.12.2023 of the Adjudicating

Authority, the Resolution Professional submitted a report under Section

99 of the Code recommending for admission of the Application.

4. Submissions of the Resolution Professional with regards to the present

application, is as extracted below:-

i. That this Tribunal, vide Order dated 15.12.2023, had appointed

Applicant as the Resolution Professional in respect of the

Respondent–Personal Guarantor.

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I.A. NO. 244/ND/2024

IN

C.P. (IB) NO. 709/ND/2023

AND

C.P. (IB) NO. 709/ND/2023

Order Dated: 29.01.2026

ii. In compliance with the aforesaid order and in discharge of his

statutory duties, the Applicant issued a communication to the

Personal Guarantor. However, the PG did not immediately reply

to the RP’s letter, email and whatsapp dated 21.12.2023.

Thereafter, a meeting was held at the office of the Resolution

Pro