Mumbai: NCLT Admits PNB's Insolvency Petition Against Personal Guarantor Of Poscho Steels Over ₹192.59 Crore Debt

Mumbai: The National Company Law Tribunal (NCLT) has admitted a petition filed by Punjab National Bank (PNB) to initiate insolvency proceedings against Sanjeeb Ranjeet Das, the personal guarantor for corporate debtor Poscho Steels Private Limited. The bank seeks to recover an outstanding debt of ₹192.59 crore as of April 30, 2022, along with accruing interest and costs.

Poscho Steels, incorporated in August 1999, defaulted on its debt obligations, and Das, who executed a deed of guarantee in June 2011, became liable for the company’s dues following a demand notice issued under the SARFAESI Act in January 2022. A subsequent demand notice was served on Das in May 2022, initiating the recovery process.

Das contested the petition, arguing that it was barred by the limitation period. He pointed out that PNB had mentioned December 1, 2015, as the date of default but filed the petition only on November 29, 2022, beyond the three-year limitation period. Das also claimed that PNB had attempted to shift the date of default to December 2021 in its rejoinder to suit its case, which he argued was impermissible.

The NCLT however rejected Das’s contention, ruling that the insolvency resolution process would proceed.