State Bank of India vs Prasanth Boorugu - 2026 Supreme(Online)(NCLT) 3262

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

Advocates:
For the Appellants/Petitioners: M.L. Ganesh, Hirendernath
For the Respondents: Aakansha Nehra, Himangi Arora

Table of Content
1. initiation of insolvency against personal guarantor for loan defaults. (Para 1 , 2 , 3 , 4 , 5 , 6 , 7 , 8 , 9)
2. role and report validation of the interim resolution professional. (Para 10 , 11)
3. arguments regarding limitation, jurisdiction, and discharge of guarantor liability. (Para 12 , 13 , 14 , 15 , 16 , 17 , 18 , 19 , 20 , 21)
4. interplay between mpid act attachment and ibc insolvency proceedings. (Para 22 , 23 , 24 , 25 , 26 , 27 , 28 , 29 , 30 , 31 , 32)
5. liability of personal guarantor is co-extensive with corporate debtor. (Para 33 , 34 , 35 , 36 , 37 , 38 , 39 , 40 , 41 , 42 , 43 , 44 , 45 , 46)
6. appointment of rp and imposition of statutory moratorium. (Para 47 , 48 , 49)

IN THE NATIONAL COMPANY LAW TRIBUNAL

DIVISION BENCH (COURT– I) CHENNAI

ATTENDANCE CUM ORDER SHEET OF THE HEARING

HELD ON 09.06.2026 THROUGH VIDEO CONFERENCE

CORAM: HON'BLE SHRI SANJIV JAIN, MEMBER (JUDICIAL)

HON'BLE SHRI VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL)

IN THE MATTER OF : State Bank of India

Prashant Boorugu

MAIN PETITION NUMBER : CP(IB)/217(CHE)/2022

(IA/MA) APPLICATION NUMBERS

IA(IBC)/1360(CHE)2025

ORDER

CP(IB)/217(CHE)/2022

IA(IBC)/1360(CHE)2025

Present: None for the Peti