<\/p>\n
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.
\nThe 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.).
\nThe loan transaction relates to Marveledge Realtors Private Limited, a Marvel Group company owned and controlled by Mr. Vishwajeet Jhawar.
\nBackground of the Matter
\nIn 2017, APRN Enterprises Private Limited advanced an Inter-Corporate Deposit to Marveledge Realtors Private Limited, a company belonging to the Marvel Group.<\/p>\n
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.<\/p>\n
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.
\nAs 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 \u20b9226.89 Crores.
\nObservations of the Tribunal
\nThe NCLT recorded that:
\nAPRN 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.<\/p>\n
The personal guarantee given by Mr. Vishwajeet Jhawar was absolute, continuing, and legally enforceable; and
\nDespite repeated opportunities, Mr. Vishwajeet Jhawar did not file any reply or appear before the Tribunal.
\nWhat the NCLT Order Means
\nThe Tribunal has directed that:
\nThe insolvency resolution process against Mr. Vishwajeet Jhawar has formally begun.
\nAn 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.
\nA professional agency has been appointed to manage the insolvency process, collect claims, and conduct proceedings in a time-bound manner.
\nThe appointed Resolution Professional is Truvisory Insolvency Professionals Private Limited.
\nPublic Invitation to Creditors
\nThe 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.
\nDeadline for Submission of Claims:
\nAll creditors must submit their claims within 21 days from the date of publication of the public notice.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 …<\/p>\n","protected":false},"author":1,"featured_media":13510,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[93],"tags":[],"class_list":["post-13509","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-english"],"aioseo_notices":[],"yoast_head":"\n