NCLT Allahabad Admits HUDCO’s Section 95 IBC Petition Against Personal Guarantor of Ramnath Developers

NCLT Admits HUDCO's Petition Against Personal Guarantor of Ramnath Developers under IBC

We are pleased to share that the Hon’ble National Company Law Tribunal, Allahabad Bench, has admitted CP (IB) No. 66/ALD/2025, filed by Housing and Urban Development Corporation Ltd. (HUDCO) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, thereby initiating the Insolvency Resolution

Process against the Personal Guarantor of Ramnath Developers Pvt. Ltd.
🔹 Case Title:
 Housing and Urban Development Corporation Ltd. (HUDCO)
 Vs. Mr. Sandesh Chandra Gupta (Personal Guarantor to Ramnath Developers Pvt. Ltd.)
🔹 Key Highlights:

Loans of ₹32.30 Cr. were extended by HUDCO between 2009–2010.

Default led to NPA classification and SARFAESI action.

CIRP against the Corporate Debtor admitted in 2020; HUDCO’s claim of ₹83.88 Cr. was admitted.
Section 95 IBC application filed against the Personal Guarantor 
🔹 Tribunal's Order:

Application admitted; interim moratorium commenced under Section 96(1)(a).

Resolution Professional appointed under Section 97(5) to submit report under Section 99.

This order reiterates the settled principle that insolvency proceedings can run concurrently against both the Corporate Debtor and its Personal Guarantor.
💼 We are proud to represent HUDCO in this matter. The Kumar Legal Research LLP Team continues to work with commitment and precision in handling complex matters under the IBC framework.
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 🔹 Kumar Legal Research LLP
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