# Mohammed Yunus Shoukat Ali Shaikh vs. Virendra Sajanlal Jaiswal

> NCLT judgment dated 2026-09-21. Citation: TCN-2026-NCLT-01145. Mohammed Yunus Shoukat Ali Shaikh, as a Financial Creditor, filed an application under Section…

- **Court:** NCLT
- **Order date:** 21 Sept 2026
- **Citation:** TCN-2026-NCLT-01145
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/mohammed-yunus-shoukat-ali-shaikh-vs-virendra-sajanlal-gi3au

## Summary

### Background

Mohammed Yunus Shoukat Ali Shaikh, as a Financial Creditor, filed an application under Section 95(1) of the Insolvency & Bankruptcy Code, 2016, against Virendra Sajanlal Jaiswal, a Personal Guarantor. The application sought to initiate an Insolvency Resolution Process due to a default in the repayment of a financial facility of Rs. 1,02,00,000/- extended to M/s Makersburry India Private Limited (Corporate Debtor). The Personal Guarantor had executed a Deed of Personal Guarantee on 02.11.2022, making his liability joint, several, and co-extensive with the Corporate Debtor. The total outstanding amount, including interest, was Rs. 1,67,66,527.70/- as of 02.11.2025, with the default occurring on 03.11.2025.

## Facts

The Company Petition C.P. (IB) NO. 430 of 2026 was filed on 11.04.2026 under Section 95(1) of the Insolvency & Bankruptcy Code, 2016.

The application was filed by Mohammed Yunus Shoukat Ali Shaikh (Applicant/Financial Creditor) against Virendra Sajanlal Jaiswal (Respondent/Personal Guarantor).

The application seeks to initiate an Insolvency Resolution Process against the Personal Guarantor due to a default in repayment.

The total outstanding amount was Rs. 1,67,66,527.70/- as on 02.11.2025, comprising a principal of Rs. 1,02,00,000/- and interest at 18% per annum, compounded annually.

The debt became due on 02.11.2025, and the default occurred on 03.11.2025.

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## Issues and analysis

### Issue 1: Whether the application filed under Section 95(1) of the Insolvency & Bankruptcy Code, 2016, …

**Ratio:** An application for insolvency resolution against a personal guarantor is admissible if it

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**Reasoning:** The Tribunal, after reviewing the application, the Deed of Loan, the Deed of Personal

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**Interpretation:** Sections 95 and 99 of the IBC, read with Rule 7(2) of the relevant Rules,

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**Application:** Given the established debt and default, the valid personal guarantee, and the

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Mohammed Yunus…
- **Respondents:** M/s Makersburry…; Virendra Sajanlal…
- **Other parties:** Hemant J.…
- **Advocates:** Hasti Bhan…

## Timeline

- **2022-11-02 — Deed of Loan & Personal…**: M/s Makersburry India Private Limited availed a financial facility from Mohammed Yunus…
- **2025-11-02 — Financial Facility Due…**: The financial facility was due for repayment. An amount of Rs. 1,67,66,527.70/-…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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