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2026 Supreme(Online)(NCLT) 4551
NATIONAL COMPANY LAW TRIBUNAL CHANDIGARH BENCH (COURT-II), CHANDIGARH
IN CP(IB)No.23/Chd/Pb/2023 (Admitted) AND IA(I.B.C)/119(CH)2026 In CP(IB)No.11/Chd/Pb/2026 (Transferred from Court 1) IA(IBC)/438(CH)2026
(An Application under sub-section (5) of Section 60 of the Insolvency and Bankruptcy Code, 2016 read with Rule 11 of the National Company Law Tribunal Rules, 2016)
1. Jaspal Singh, S/o Mohan Singh
Suspended Director of Mohan Rail Components R/o at: Mohan Villa, Opposite Guru Arjan Public School, Kartarpur, Punjab – 144801, apjlegal05@gmail.com
2. Amandeep Singh S/o Jaspal Singh
Suspended Director of Mohan Rail Components R/o at: 2154, Ward 6, Surjan Singh Street, Kartarpur, Punjab – 144801 apjlegal05@gmail.com
….Applicants
VERSUS
1. Canara Bank
R/o at: SARM Branch, 4th Floor , Plot No. 1, C.O. Building, Sector 34-A, Chandigarh – 160022 cb5220@canarabank.com
2. Interim Resolution Professional, Mohan Rail Components
Mr. Mohit Chawla
Address – SCO 26, Shri Balaji Complex, Old Ambala Road, Himmatgarh, Dhakauli, Sub-tehsil Zirakpur, District SAS Nagar, Near Hotel Dreamz Inn & Suites, Sahibzada Ajit Singh Nagar, Punjab, 140603
IBBI/IPA-001/IP-POO524/ 2017-2018/ 10949 camohitchawla@gmail.com
3. Mohan Rail Components
Registered Address: OPP RCF VILL DHIDUANKALAN HUSSAINPUR, KAPURTHALA, PUNJAB, INDIA - 144602. CIN: U35203PB1991PTC011578
4. Committee of Creditors of Mohan Rail Components
mrc.kpt@gmail.com
….Respondents
IN THE MAIN MATTER OF:
CP(IB) No.23/Chd/Pb/2023
CANARA BANK ….Financial Creditor
VERSUS
MOHAN RAIL COMPONENTS PRIVATE LIMITED ….Corporate Debtor
IA(I.B.C.)/119(CH)2026
(An Application under Rule 11 of the NCLT Rules, 2016, and other applicable provisions of the Insolvency and Bankruptcy Code, 2016 and Rules and Regulations)
NARINDER KAUR, PERSONAL GUARANTOR OF MOHAN RAIL COMPONENTS PRIVATE LIMITED
H.No. 2154, Ward No. 6, Surjan Singh Street, Kartarpur, Jalandhar, Punjab - 144801 PAN: AAWPK7191C M: 6239387715 Email: mrcpltd@gmail.com
...Applicant Personal Guarantor
VERSUS
1. CANARA BANK LIMITED
SARM Branch, 4th Floor, Plot No. 1, C.O. Building, Sector 34-A, Chandigarh-160022 Email: cb5220@canarabank.com
...Respondent No. 1
2. Railtech Technologies Private Limited
Registered office at: Mansoorwal Dona, Aujla Road, Kapurthala, Punjab-144601 Email: railtech@railtechindia.in
... Respondent No. 2
3. District Magistrate, Kapurthala,
New DAC Complex, Kapurthala Road, Nurpur Dona, Kapurthala, Punjab-144601 dc.kpr@punjab.gov.in
...Respondent No. 3
4. Sub-registrar, Kapurthala,
New DAC Complex, Kapurthala Road, Nurpur Dona, Kapurthala, Punjab-144601 tehsildarkapurthala@gmail.com
...Respondent No. 4
IN THE MAIN MATTER OF:
CP (IB) No. 11/Chd/Pb/2026
(An Application under sub-section (1) of section 94 of the Insolvency and Bankruptcy Code, 2016)
NARINDER KAUR ...Applicant Personal Guarantor
Order delivered on: 21.07.2026
Coram : Mr Kaushalendra Kumar Singh, Hon’ble Member (Technical)
Mr Khetrabasi Biswal, Hon’ble Member (Judicial)
Present:
In IA(IBC)/438(CH)2026
For the Applicant : Mr Aalok Jagga, Mr Sahil Lohan, Advocates
For the Respondent : Mr Harsh Garg, Mr Ashwani Sharma, Advocates
In IA(I.B.C)/119(CH)2026
For the Applicant : Mr Aalok Jagga, along with Mr Karanveer Jindal, Mr Sahil Lohan, Mr APS Madaan, & Mr Aryanman Jagga, Advocates
For the Respondents : Mr Harsh Garg, Ms Ramneek Kaur Mann, Advocates
Sd/- Sd/-
Khetrabasi Biswal
Member (Judicial)
Kaushalendra Kumar Singh
Member (Technical)
For the Petitioner:AJAYPAL
For the Respondent:HARSH GARG
ORDER
IA(I.B.C)/438(CH)2026 In CP(IB) No.23/Chd/Pb/2023
And
IA(I.B.C.)/119(CH)2026 In CP(IB)No. 11/Chd/Pb/2026
Since both these Applications arise out of the initiation of CIRP in respect of the Corporate Debtor and the issues raised therein are interconnected and arise out of the same SARFAESI proceedings and auction process, both these Applications are being disposed of by this Common Order.
Both these Applications are concerning the assets of Mohan Rail Components Private Limited and its Personal Guarantors. IA(I.B.C.)/119(CH)2026 has been filed by Narinder Kaur, Personal Guarantor to the Corporate Debtor, in CP(IB) No. 11/Chd/Pb/2026 under Section 94 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the “Code”). IA(I.B.C)/438(CH)2026 has been filed by Jaspal Singh and Amandeep Singh, suspended directors/shareholders of the Corporate Debtor, under sub-section (5) of section 60 of the Code read with Rule 11 of the National Company Law Tribunal Rules, 2016.
BRIEF FACTS:
The averments made by the Applicants in the present Applications, as well as the submissions advanced thereon by the learned Counsel appearing for the Applicants, are summarised hereunder:
(i) The Corporate Debtor Mohan Rail Components Private Limited had availed various credit facilities from Canara Bank – Financial Creditor which were eventually declared Non-Performing Assets on 31.03.2015. On 21.09.2016, a notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 was issued, claiming an amount of approximately ₹ 27.03 crore. The Symbolic possession of mortgaged properties was taken on 09.12.2016.
(ii) The said credit facilities were secured by various properties, out of which the following immovable mortgaged assets were co-owned by the Corporate Debtor and other personal guarantors upon which factory premises have been built up. The description of land along with building as mentioned in the Schedule B of the demand notice dated 21.09.2016 and as also mentioned in the sale notice dated 27.11.2025 are as under:-
a. Factory land along with buildings, with all types of structures and superstructures erected thereon, situated opposite RCF, Sultanpur Road, Kapurthala, measuring 14 kanal 14 marla, situated at Village Dhudianwala, Tehsil and District Kapurthala, owned by Narinder Kaur, wife of Jaspal Singh, and Jaspal Singh, son of Mohan Singh (2/3 share), and M/s Mohan Rail Component Private Limited, Hussainpur, Tehsil and District Kapurthala (1/3 share), vide Sale Deed No. 2616 dated 15.12.92.
b. Factory land along with all buildings, with all types of structures and superstructures erected thereon, situated opposite RCF, Sultanpur Road, Kapurthala, measuring 14 kanal 13 marla, situated at Village Dhudianwala, Tehsil and District Kapurthala, owned by Narinder Kaur, wife of Jaspal Singh, and Jaspal Singh, son of Mohan Singh (2/3 share), and M/s Mohan Rail Component Private Limited, Hussainpur, Tehsil and District Kapurthala (1/3 share), vide Sale Deed No. 2628 dated 16.12.92.
c. Factory land along with all buildings, with all types of structures and superstructures erected thereon, situated opposite RCF, Sultanpur Road, Kapurthala, measuring 4 kanal 19 1/2 marla, situated at Village Dhudianwala, Tehsil and District Kapurthala, owned by Joginder Singh, Jaspal Singh, and Jasbir Singh, sons of Shri Mohan Singh, vide Sale Deed No.839 dated 25.06.91.
d. Factory land along with building, with all types of structures and superstructures erected thereon, situated opposite RCF, Sultanpur Road, Kapurthala, measuring 4 kanal 19 1/2 marla, owned by Joginder Singh, Jasbir Singh, and Jaspal Singh, all sons of Mohan Singh, vide Sale Deed No. 847 dated 26.06.91.
(iii) Thus, the Factory premises upon which Corporate Debtor is running the unit are a consolidated parcel of land located at Village Dhudianwala, Tehsil and District Kapurthala, which is a joint and
