Debenture trustee becomes creditor entitled to invoke Section 95 against personal guarantor upon guarantee invocation with holders' consent, independent of Part II notifications; ITR annexure not mandatory; RP not replaced absent proven bias.

ORDER

1. The present Petition is filed u/s 95(1) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC”) r/w Rule 7 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019 by Axis Trusteeship Services Limited (hereinafter referred to as “Financial Creditor”) for the purpose for initiating Insolvency Resolution Process against Vijay Biyani (hereinafter referred to as “Personal Guarantor”) for default of Rs. 37,57,88,202/- (Rupees Thirty Seven Crore Fifty Seven Lakhs Eighty Eight Thousand Two Hundred and Two Only). The Date of Default as specified in Part III of the present Petition is 23.04.2022 for the Personal Guarantor. The present Petition is filed on 19.03.2023.

2. Earlier, the present petition was dismissed as infructuous by this Tribunal vide order dated 21st December, 2023, in view of appointment of a resolution professional in Company Petition No. 918 of 2022 filed by Central Bank of India against the Applicant prior in time. Thereafter, following the dismissal of Company Petition No. 918 of 2022 vide order dated 29th April, 2025, ATSL filed Restoration Application No. 33 of 2025 seeking restoration of Company Petition No. 978 of 2023. This Tribunal allowed the restoration by order dated 04th July, 2025, and Restored Company Petition No. 18 of 2025 was listed and allowed on 11th July 2025, appointing the RP.

3. An application bearing IA No. 4732 of 2025 was filed by the Personal Guarantor under Rule 11 of the National Company Law Tribunal Rules, 2016, challenging the maintainability of the Restored Company Petition No. 18 of 2025 in Company Petition filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, and seeking the following relief:

a) Dismiss the Restored Company Petition No. 18 of 2025 filed by Axis Trustee Services Ltd. against the Applicant as being non-maintainable; and

b) Pass such further or other orders as this Hon'ble Tribunal may deem just, fit, and proper in the facts and circumstances of the case.

4. Another application, IA No. 4733 of 2025, was filed by the Personal Guarantor under Section 98 of the Insolvency and Bankruptcy Code, 2016, seeking the replacement of the Resolution Professional, Mr. Ritesh Agrawal, appointed by this Tribunal vide order dated 11th July 2025, and praying for the following relief:

a) Replace Mr. Ritesh Agarwal, the present Resolution Professional appointed vide order dated 11 th July, 2025 in restored Company Petition No. 18 of 2025;

b) Appoint Mr. Jayanti Lal Jain as the new Resolution Professional to discharge the functions under Part III of the IBC; and

c) Pass such further and other orders as may be just and necessary in the interest of justice.

5. Further, another application, IA No. 4397 of 2025, was filed by the Resolution Professional for placing on record the revised report submitted under Section 99(1) of the Insolvency and Bankruptcy Code, 2016 consequent upon restoration of present company petition, and seeking the following relief:

a) To allow this application in consideration of Section 4 of the Limitation Act 1963;

b) To be pleased to take on record the report filed b