# Indian Bank vs. Mr. Raghabendra Majumdar

> NCLT judgment dated 2026-10-13. Citation: TCN-2026-NCLT-01233. Indian Bank, as a Financial Creditor, initiated an Insolvency Resolution Process against Mr.…

- **Court:** NCLT
- **Order date:** 13 Oct 2026
- **Citation:** TCN-2026-NCLT-01233
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/indian-bank-vs-sanjai-kumar-gupta-o33g5

## Summary

### Background

Indian Bank, as a Financial Creditor, initiated an Insolvency Resolution Process against Mr. Raghabendra Majumdar, a Personal Guarantor for loans extended to M/s B. M. Advertising Private Limited. Mr. Sanjai Kumar Gupta was appointed as the Resolution Professional (RP).

## Facts

Indian Bank, as a Financial Creditor, filed an application under Section 95(1) of the IBC, 2016, to initiate an Insolvency Resolution Process against Mr. Raghabendra Majumdar, a Personal Guarantor.

Mr. Sanjai Kumar Gupta was appointed as the Resolution Professional (RP) for the Personal Guarantor.

The RP prepared a report under Section 99(1) of the IBC, recommending the initiation of the insolvency resolution process against the Personal Guarantor for loans granted to the principal borrower, M/s B. M. Advertising Private Limited.

On July 3, 2025, the Tribunal accepted the RP's recommendation and admitted the application under Section 95, thereby initiating the insolvency resolution process against the Personal Guarantor under Section 100 of the IBC.

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## Issues and analysis

### Issue 1: Whether the Insolvency Resolution Process of the Personal Guarantor should be terminated in the …

**Ratio:** The Insolvency Resolution Process of a Personal Guarantor must be terminated if no

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**Reasoning:** Section 106(1A) (as amended) mandates the RP to submit a report to the Adjudicating

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**Interpretation:** The amendment clarifies the procedure for cases where a personal guarantor

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**Application:** In this case, since the Personal Guarantor failed to submit a repayment plan,

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## Parties

- **Judges:** BIDISHA BA…; Rekha Kantilal…
- **Appellants:** Indian…; Sanjai Kuma…
- **Respondents:** M/s B. M.…; Raghabendra…
- **Advocates:** Santosh Kum…; Ashmita…; +4 more

## Timeline

- **2024-06-11 — Initiation of IRP and…**: Tribunal ordered initiation of Insolvency Resolution Process against the Personal…
- **2025-07-03 — Admission of Application…**: Tribunal accepted the RP's recommendation and admitted the application filed under…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 114 — Order of Adjudicating Authority on repayment plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-114)

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