The National Company Law Tribunal (NCLT) in Mumbai has ordered insolvency proceedings against Vishwajeet Jhawar, promoter of the Marvel Group. The bench, consisting of Justices Prabhat Kumar and Sushil Mahadeorao Kochey, passed the order in response to a petition filed by APRN Enterprises, citing an outstanding debt of Rs 226.89 crore.
According to APRN Enterprises, the Marvel Group promoter defaulted on his financial obligations, failing to repay loans and interest payments. This prompted the request for the initiation of the Corporate Insolvency and Resolution Process against Jhawar, who served as a personal guarantor.
In its January 30, 2026, order, the tribunal confirmed the defaults and directed the appointment of Truvisory…