# Ms. Manju Sirohi vs. Assets Care & Reconstruction Enterprise Ltd. & Anup Kumar

> NCLAT judgment dated 2026-10-07. Citation: TCN-2026-NCLAT-00309. Ms. Manju Sirohi, a personal guarantor for M/s Saha Infratech Pvt. Ltd., faced insolvency…

- **Court:** NCLAT
- **Order date:** 7 Oct 2026
- **Citation:** TCN-2026-NCLAT-00309
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/manju-sirohi-vs-assets-care-reconstruction-enterprise-l-dpfcy

## Summary

### Background

Ms. Manju Sirohi, a personal guarantor for M/s Saha Infratech Pvt. Ltd., faced insolvency proceedings initiated by Assets Care & Reconstruction Enterprise Ltd. (Financial Creditor). She was declared bankrupt, and Mr. Anup Kumar was appointed as the Bankruptcy Trustee. An ex-parte order was passed by the Adjudicating Authority (NCLT) directing her to return Rs. 19,17,500/-, which was withdrawn from her bank account after the commencement of bankruptcy proceedings. Her subsequent application to recall this ex-parte order was dismissed.

## Facts

Ms. Manju Sirohi is a Personal Guarantor of M/s Saha Infratech Private Limited.

Assets Care & Reconstruction Enterprise Ltd. (Financial Creditor) initiated insolvency proceedings against Ms. Manju Sirohi under Section 95(1) of the IBC.

On 10.04.2023, the Adjudicating Authority appointed Mr. Anup Kumar as the Resolution Professional in CP(IB)-80/ND/2023.

On 21.02.2025, ex-parte proceedings were initiated against Ms. Manju Sirohi in IA-5276/2024 (under Section 123 of the Code for bankruptcy process) due to her non-appearance.

On 21.05.2025, the Adjudicating Authority declared Ms. Manju Sirohi bankrupt under Section 126 of the Code and appointed Mr. Anup Kumar as the Bankruptcy Trustee under Section 125.

…

## Issues and analysis

### Issue 1: Whether the withdrawals made by the Appellant from her bank account after being declared bankrupt …

**Ratio:** Upon the commencement of bankruptcy proceedings and the appointment of a Bankruptcy

…

**Reasoning:** The NCLAT noted that the Appellant was declared bankrupt on 21.05.2025, and the

…

**Interpretation:** The vesting of the bankrupt's estate in the Bankruptcy Trustee is an automatic

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**Application:** The Appellant's withdrawals of Rs. 19,17,500/- from her bank account after

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## Parties

- **Judges:** Mohammad Faiz…; Naresh Sa…
- **Appellants:** Manju S…
- **Respondents:** M/s. Saha…; Assets Care &…; +1 more
- **Other parties:** M/s IDBI Trusteesh…
- **Advocates:** Sulaiman Mohd.…; Taibh…; +3 more

## Timeline

- **2023-04-10 — RP Appoin…**: Adjudicating Authority appointed Mr. Anup Kumar as the Resolution Professional in…
- **2024-01-18 — PIRP Init…**: Personal Insolvency Resolution Process…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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