Insolvency Proceedings Commenced Against Marvel Group Owner – Mr Vishwajeet Jhavar by National Company Law Tribunal, Mumbai .

Mumbai, : in a recent judgement , The National Company Law Tribunal (NCLT), Mumbai Bench has ordered the commencement of insolvency proceedings against Mr. Vishwajeet Jhawar, the owner and promoter of the Marvel Group, in his capacity as personal guarantor.
The order has been passed in Case No. C.P. (IB)/1233(MB)2025, filed by APRN Enterprises Private Limited (earlier known as Ansapack Pvt. Ltd.).
The loan transaction relates to Marveledge Realtors Private Limited, a Marvel Group company owned and controlled by Mr. Vishwajeet Jhawar.
Background of the Matter
In 2017, APRN Enterprises Private Limited advanced an Inter-Corporate Deposit to Marveledge Realtors Private Limited, a company belonging to the Marvel Group.

To secure repayment of this loan, Mr. Vishwajeet Jhawar, as owner and promoter of the Marvel Group, executed a personal guarantee, making himself personally liable to repay the dues in case Marveledge Realtors Private Limited failed to do so.

Marveledge Realtors Private Limited defaulted in repayment in May 2017. Although a settlement agreement was entered into in January 2025, the default continued. As a result, APRN Enterprises Private Limited cancelled the settlement and formally demanded payment from Mr. Vishwajeet Jhawar under his personal guarantee in May 2025.
As on May 31, 2025, the total outstanding amount payable by Marveledge Realtors Private Limited and guaranteed by Mr. Vishwajeet Jhawar was stated to be approximately ₹226.89 Crores.
Observations of the Tribunal
The NCLT recorded that:
APRN Enterprises Private Limited had correctly filed insolvency proceedings against Mr. Vishwajeet Jhawar as personal guarantor. The loan, default, and personal guarantee were clearly proved by records.

The personal guarantee given by Mr. Vishwajeet Jhawar was absolute, continuing, and legally enforceable; and
Despite repeated opportunities, Mr. Vishwajeet Jhawar did not file any reply or appear before the Tribunal.
What the NCLT Order Means
The Tribunal has directed that:
The insolvency resolution process against Mr. Vishwajeet Jhawar has formally begun.
An immediate legal freeze (moratorium) is now in force, during which Mr. Vishwajeet Jhawar cannot sell, transfer, mortgage, or create any charge on his personal assets.
A professional agency has been appointed to manage the insolvency process, collect claims, and conduct proceedings in a time-bound manner.
The appointed Resolution Professional is Truvisory Insolvency Professionals Private Limited.
Public Invitation to Creditors
The Resolution Professional has been directed to publish a public notice within 7 days on the official website of the NCLT, Mumbai Bench, calling upon all creditors to submit their claims.
Deadline for Submission of Claims:
All creditors must submit their claims within 21 days from the date of publication of the public notice.