Mumbai: Insolvency proceedings against Vishwajeet Jhavar, owner and promoter of the Marvel Group, have been formally initiated by the National Company Law Tribunal (NCLT), Mumbai Bench, under Section 95 of the Insolvency and Bankruptcy Code, 2016.
The order marks the commencement of the insolvency resolution process against Vishwajeet Jhavar in his capacity as a personal guarantor.
The order was passed in Case No. C.P. (IB)/1233(MB)2025, filed by APRN Enterprises Private Limited (formerly known as Ansapack Private Limited) against Vishwajeet Jhavar.
The tribunal admitted the petition under Section 100(2) of the Code and declared a moratorium in relation to all debts.
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Background of the Case Involving Vishwajeet Jhavar
According to the tribunal record, APRN Enterprises Private Limited had extended financial facilities amounting to ₹25 crore to Marveledge Realtors Private Limited, a Marvel Group company owned and controlled by Vishwajeet Jhavar. The financial assistance was provided under an Inter-Corporate Deposit Agreement dated February 10, 2017, for general corporate purposes.
To secure repayment of the deposit, Vishwajeet Jhavar executed a personal guarantee dated February 2, 2017. The guarantee was described in the tribunal’s findings as “an unconditional and irrevocable continuing guarantee” that would remain in force until full and final repayment of all secured obligations.
Marveledge Realtors Private Limited defaulted on May 10, 2017, in repayment of ₹25 crore along with accrued interest. A recall notice dated October 31, 2023, was subsequently issued by APRN Enterprises Private Limited declaring the entire outstanding amount as immediately due and payable.
Settlement Agreement and Invocation of Guarantee
A settlement agreement was executed on January 20, 2025, between APRN Enterprises Private Limited, Marveledge Realtors Private Limited, and Vishwajeet Jhavar. However, due to continued default on the settlement terms, the financial creditor revoked the agreement on May 14, 2025.
Following the default, APRN Enterprises Private Limited invoked the personal guarantee of Vishwajeet Jhavar through a notice dated May 22, 2025. The notice demanded repayment of ₹224,27,72,102 as on April 28, 2025, along with applicable interest until realization.
A formal Demand Notice under Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of Personal Guarantors to Corporate Debtors) Rules, 2019, dated July 7, 2025, was served on Vishwajeet Jhavar and delivered on July 14, 2025. Despite receipt of the notice, Vishwajeet Jhavar did not repay the outstanding dues.
As per the petition, the total outstanding amount as on May 31, 2025 stood at ₹226,89,17,589 (approximately ₹226.89 crore).
Observations of the NCLT on Vishwajeet Jhavar
The NCLT Mumbai Bench noted that APRN Enterprises Private Limited had correctly initiated insolvency proceedings against Vishwajeet Jhavar in his capacity as personal guarantor. The tribunal observed that:
- The existence of debt and default was clearly established.
- The personal guarantee executed by Vishwajeet Jhavar was absolute, continuing, and legally enforceable.
- Despite being granted several opportunities, Vishwajeet Jhavar neither appeared before the tribunal nor filed any reply.
The bench recorded that the matter was listed on multiple occasions, including December 11, 2025, and January 14, 2026. However, no representation was made on behalf of Vishwajeet Jhavar, and no affidavit in reply was placed on record.
After examining the documents, including the guarantee agreement and the notice of demand, the tribunal held that there exists a debt and a default in payment thereof, warranting admission of the petition for commencement of insolvency resolution against Vishwajeet Jhavar.
Insolvency Resolution Process Initiated
By its order pronounced on January 30, 2026, the NCLT admitted the petition and initiated the insolvency resolution process against Vishwajeet Jhavar.
The tribunal declared a moratorium under Section 101 of the Insolvency and Bankruptcy Code, 2016, which shall remain in effect for 180 days from the date of admission or until an order on the repayment plan under Section 114, whichever is earlier.
During the moratorium period:
- Any pending legal action or proceeding in respect of any debt is deemed stayed.
- Creditors shall not initiate any legal proceedings against Vishwajeet Jhavar.
- Vishwajeet Jhavar shall not transfer, alienate, encumber, or dispose of any of his assets or legal rights or beneficial interests.
Appointment of Resolution Professional
The tribunal confirmed the appointment of Truvisory Insolvency Professionals Private Limited as the Resolution Professional. The firm had earlier been appointed under an order dated November 21, 2025, to submit a report under Section 99 of the Code recommending admission of the petition.
In its report, the Resolution Professional stated: “The Application satisfies all the requirements of the applicable provisions of the IB Code including Section 95 of the IB Code read with the Insolvency & Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process of personal Guarantor to Corporate Debtor) Rules, 2019 and therefore, the present application deserves to be admitted under Section 100.”
The tribunal directed the Resolution Professional to publish a public notice within seven days on the official website of the NCLT Mumbai Bench, inviting claims from all creditors.
Public Invitation to Creditors
As per the order concerning Vishwajeet Jhavar, all creditors have been invited to submit their claims within 21 days from the date of publication of the public notice.
The tribunal further directed the applicant to deposit ₹75,000 or such lesser amount as agreed with the Resolution Professional towards fees and out-of-pocket expenses within one week.
With this order, insolvency proceedings against Vishwajeet Jhavar stand formally commenced under the Insolvency and Bankruptcy Code, 2016.
