Supervening Supreme Court judgment setting aside prior limitation orders permits personal guarantor leave to file supplementary affidavit on merits against resolution professional's report, ensuring procedural fairness without abuse of process.

As Per Bench

1. The present application has been filed by Manoj Kumar Agarwal (“Applicant/ Personal Guarantor”), Personal Guarantor to Adhunik Meghalaya Steels Pvt. Ltd. (“Corporate Debtor”) under Rule 11 read with Rules 43 and 55 of the NCLT Rules, 2016 seeking leave of this Tribunal to file an additional affidavit/supplementary affidavit in support of the earlier affidavit filed by the Personal Guarantor dated 29.01.2025, filed in opposition to the Report submitted by the Resolution Professional (Respondent no. 2) under Section 99 of the Insolvency and Bankruptcy Code, 2016 (“Code”) in C.P. (IB) No. 12/GB/2024 The applicant most respectfully prays for the following reliefs:

a) Permit the applicant/personal guarantor/Manoj Kumar Agarwal in C.P (IB) No.12/GB/2024 to file an additional affidavit/supplementary affidavit to oppose on merits the contents of the purported Report filed by the Resolution Professional/respondent no.2 as part of the application under Section 99 of the IBC, 2016 being I.A (IBC) No.6/GB/2025 SO that the said additional affidavit/supplementary affidavit can be taken up along with the earlier reply affidavit dated January 29, 2025 filed by the applicant.

b) P ermit the applicant/personal guarantor to place reliance upon the additional affidavit/supplementary affidavit so filed in terms of prayer (a) above at the time of hearing of C.P (IB) No.12/GB/2024; Ι.Α (IB) No.6/GB/2025.

c) T ill the disposal of the instant application all further proceedings in I.A (IB) No.6/GB/2025 arising out of C.P (IB) No.12/GB/2024 be stayed;

d) Stay the operation of the last order dated August 29, 2025 passed in C.P (IB) No.12/GB/2024 till the disposal of the instant application;

e) A d-Interim orders in terms of prayers above;

2. Subm issions by the Applicant/ Personal Guarantor:

2.1. The Personal Guarantor respectfully submits that the earlier affidavit which was filed by the Personal Guarantor dated 29.01.2025 to oppose the contents of the Report filed by the Respondent no. 2/Resolution Professional was purportedly on the issue   of limitation based on the order passed in the petition under Section 7 of the Code filed by the Financial Creditor against the Corporate Debtor.

2.2. However, the order which was relied upon by the Personal Guarantor to oppose the contents of the Report of the Resolution Professional passed by this Tribunal and the Hon'ble National Company Law Appellate Tribunal dated (“NCLAT”) 16.05.2024 and 25.03.2025 have both been set aside recently by the Hon'ble Supreme Court of India by the order dated 29.07.2025. Hence, it is now necessary to deal with the purported merits of the Report filed by the Resolution Professional in the form of an application being I.A(IB) No.6/GB/2025 arising out of C.P.(IB) No.12/GB/2024.

2.3. In the month of May, 2024, the Financial Creditor had filed an application under Section 95 of the Code against the Applicant as the Personal Guarantor, a copy whereof (without annexures) is annexed hereto and marked with letter "A".

2.4. By the order dated 08.11.2024 passed by this Tribunal in C.P (IB) No.12/GB/2024, the Respondent no. 2 was appointed as the Resolution Professional and the Interim moratorium commenced under Section 96 of the Code. The Resolution Professional so appointed by the order of 08.11.2024 was directed to file a report. A copy of the said order dated 08.11.2024 is annexed hereto and marked with letter "B".

2.5. Pursuant thereto, the Resolution Professional filed a Report dated 27.12.2024 recommending that all the ingredients of Section 95 of the Code have been satisfied in the company petition filed by the Financi