# In the matter of Sushant Chhabra & Ors. vs. Catalyst Trusteeship Ltd. & Anr.

> NCLAT judgment dated 2026-03-27. Citation: TCN-2026-NCLAT-00095. These appeals were filed by Personal Guarantors challenging the order dated 17.02.2026 passed…

- **Court:** NCLAT
- **Order date:** 27 Mar 2026
- **Citation:** TCN-2026-NCLAT-00095
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sushant-chhabra-ors-vs-catalyst-trusteeship-ltd-anr-91cd30f8

## Summary

### Background

These appeals were filed by Personal Guarantors challenging the order dated 17.02.2026 passed by the National Company Law Tribunal, New Delhi Bench, Court-II, admitting Section 95 applications filed by Catalyst Trusteeship Ltd.

## Facts

Sushant Chhabra and Verinder Kumar Chhabra executed unconditional and irrevocable Deeds of Personal Guarantee on 28.12.2024.

Catalyst Trusteeship Ltd. issued a default-cum-legal notice dated 01.04.2025 to the Corporate Debtor and Personal Guarantors.

Canara Bank filed CP(IB) No.122/ND/2025 and CP(IB)No.121/ND/2025 under Section 95(1) of the IBC against Sushant Chhabra and Verinder Kumar Chhabra, respectively, on 12.01.2025.

The Adjudicating Authority appointed Mr. Prabhjit Singh Soni as Resolution Professional in the applications filed by Canara Bank.

Catalyst Trusteeship Ltd. filed CP(IB)450/ND/2025 and CP(IB)446/ND/2025 against the Appellants on 05.08.2025.

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## Issues and analysis

### Issue 1: Whether the interim moratorium triggered by Canara Bank's Section 95 application barred subsequent …

**Ratio:** The statutory interim moratorium under Section 96 of the IBC has statutory consequences,

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**Reasoning:** The court relied on the Hon'ble Supreme Court's judgment in Alchemist Asset

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**Interpretation:** The interim moratorium, although ceasing upon withdrawal of the initial

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**Application:** The Section 95 applications filed by Catalyst Trusteeship Ltd. during the

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Sushant C…; Verinder Kumar…
- **Respondents:** M/s UM Autocomp…; Catalyst Trusteesh…
- **Other parties:** Prabhjit Singh…; Anil K…
- **Advocates:** Neeraj Ma…; Rajiv S…; +10 more

## Timeline

- **2024-12-28 — Execution of Personal…**: Sushant Chhabra and Verinder Kumar Chhabra…
- **2025-01-12 — Canara Bank Files…**: Canara Bank filed CP(IB) No.122/ND/2025 and CP(IB)No.121/ND/2025 against Sushant Chhabra…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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