NCLT initiates insolvency proceedings against Marvel Group promoter Vishwajeet Jhawar

Mumbai, Mar 4 (PTI) The National Company Law Tribunal (NCLT) has ordered to initiate the insolvency proceedings against Marvel Group promoter Vishwajeet Jhawar.

The NCLT Mumbai order, pronounced by Justices Prabhat Kumar and Sushil Mahadeorao Kochey on January 30, was passed on a petition filed by APRN Enterprises (APRN), formerly known as Ansapack, for outstanding debt of Rs 226.89 crore.

APRN Enterprises in its petition, filed on July 7, 2025, asked for initiation of the Corporate Insolvency and Resolution Process against the Marvel Group promoter Vishwajeet Jhawar.

In its petition, APRN stated that the Marvel Group promoter, who was the personal guarantor, failed to repay the outstanding dues arising on account of interest payments and loan repayment and hence, asked for initiation of insolvency resolution against Jhawar.

On February 10, 2017, APRN Enterprises had granted financial facilities of Rs 25 crores to the Marvel Group promoter, which was to be used towards general corporate purpose, in the ICD agreement.

The deposit was to be repaid within a period of 3 months from the date of the ICD Agreement.

The tribunal in its order said, "It is established that the Corporate Debtor (Marvel Group promoter) has committed defaults by not fulfilling their obligations under the finance documents read with the Settlement Agreement dated January 20, 2025.

Jhavar, personal guarantor to Marveledge Realtors has also committed default in payment of amount due from the principal borrower. Hence, we have no hesitation to hold that the Respondent is liable to be admitted to the bankruptcy process in terms of Section 100 (2) of the Code." Initiate Insolvency Resolution process against Jhawar and moratorium in relation to all the debts is declared, from January 30, 2026, shall cease to have effect at the end of the period of 180 days.

The tribinal appointed Truvisory Insolvency Professionals as the RP to manage to conduct the insolvency in a time bound period. The NCLT Mumbai bench directed the RP to issue a public notice within seven days inviting all creditors to submit their claims. PTI SM MR