The NCLT has approved the initiation of insolvency resolution proceedings against the personal guarantor following Bank of Baroda’s petition over unpaid loans | Representational Image
Mumbai, November 12, 2026: The National Company Law Tribunal (NCLT) has admitted a plea filed by Bank of Baroda to initiate insolvency resolution proceedings against Jawaharlal Rijhumal Gangaramani, personal guarantor of Alfara’a Infraprojects Private Limited, over an alleged default of ₹2,957.72 crore.
The bank had filed the petition under Section 95 of the Insolvency and Bankruptcy Code (IBC) on August 24, 2020, seeking recovery of ₹2,95,77,27,075.27 outstanding as of April 30, 2020, along with…