# Dhananjya Sanjay Agarwal vs. Jigar Tarunkumar Bhatt RP of Raninga Paper Mills Pvt. Ltd & Ors

> NCLT judgment dated 2026-09-24. Citation: TCN-2026-NCLT-01051. Mr. Dhananjay Sanjay Agarwal, a shareholder (12.50%) and personal guarantor of Raninga Paper…

- **Court:** NCLT
- **Order date:** 24 Sept 2026
- **Citation:** TCN-2026-NCLT-01051
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/ts-party-dhananjya-sanjay-agarwal-vs-raninga-paper-mills-private-limited-r4m9s

## Summary

### Background

Mr. Dhananjay Sanjay Agarwal, a shareholder (12.50%) and personal guarantor of Raninga Paper Mills Pvt. Ltd. (Corporate Debtor), filed an application (IA/1037(AHM)2026) objecting to the Resolution Plan submitted by Mr. Chandresh Lalitbhai Soni (erstwhile Promoter/Director and Successful Resolution Applicant - SRA). The plan was approved by State Bank of India (sole CoC member) with 100% voting share. The applicant alleged statutory ineligibility of the SRA under Section 29A(a) and 29A(e) of the IBC, non-disclosure of criminal proceedings, inadequate due diligence by the RP, anomalous funding structure involving Mr. Rajneesh Tiwari, incomplete transaction audit, and flawed valuation.

## Facts

Mr. Dhananjay Sanjay Agarwal holds 12.50% equity in Raninga Paper Mills Private Limited.

Mr. Dhananjay Sanjay Agarwal is a personal guarantor for financial facilities availed by Raninga Paper Mills Private Limited from State Bank of India.

Mr. Dhananjay Sanjay Agarwal is an erstwhile Director of Raninga Paper Mills Private Limited.

Raninga Paper Mills Private Limited (Corporate Debtor) was admitted into CIRP on 29.07.2025.

Mr. Jigar Tarunkumar Bhatt is the Resolution Professional (RP) of Raninga Paper Mills Private Limited.

State Bank of India (SBI) is the secured financial creditor and the sole member of the Committee of Creditors (CoC).

Mr. Chandresh Lalitbhai Soni is the erstwhile Promoter/Director of the Corporate Debtor and the Successful Resolution Applicant (SRA).

…

## Issues and analysis

### Issue 1: Whether the Applicant, Mr. Dhananjay Sanjay Agrawal, has locus standi and maintainability to raise …

**Ratio:** A shareholder/personal guarantor has limited locus to raise specific and substantiated

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**Reasoning:** The Applicant is a shareholder, erstwhile director, and personal guarantor, giving him a

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**Interpretation:** Section 60(5)(c) of the IBC recognizes the Adjudicating Authority's

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**Application:** The Applicant's objections are

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## Parties

- **Judges:** SHAMMI KHAN…; SANJEEV SHARMA…
- **Appellants:** Dhananjya Sanjay…
- **Respondents:** Raninga Paper…; Jigar Tarunkumar…; +2 more
- **Other parties:** Dhananjay Sanjay…
- **Advocates:** Nipun Si…; Rahul Bh…; +5 more

## Timeline

- **2024-11-26 — Personal Guarantee…**: State Bank of India invoked the personal…
- **2025-03-29 — FIR Regis…**: FIR C.R. No. 11191065250385 of 2025 registered against Mr. Chandresh Lalitbhai Soni at…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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