Mumbai, March 4 The National Company Law Tribunal (NCLT) has ordered the initiation of insolvency proceedings against Marvel Group promoter Vishwajeet Jhawar.
The NCLT Mumbai order, pronounced on January 30 by Justices Prabhat Kumar and Sushil Mahadeorao Kochey, was passed on a petition filed by APRN Enterprises (APRN), formerly known as Ansapack, for outstanding debt of ₹226.89 crore.
APRN Enterprises, in its petition filed on July 7, 2025, requested the 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 from interest payments and loan repayment, and therefore, requested the initiation of insolvency resolution against Jhawar.
On February 10, 2017, APRN Enterprises had provided financial facilities of ₹25 crore to the Marvel Group promoter, which was to be used for general corporate purposes, as per the ICD agreement.
The repayment was to be made within a period of 3 months from the date of the ICD Agreement.
The tribunal stated in its order, "It has been established that the Corporate Debtor (Marvel Group promoter) has committed defaults by failing to fulfill their obligations under the finance documents read with the Settlement Agreement dated January 20, 2025.
Jhawar, the personal guarantor to Marvelde Realtors, has also defaulted in paying the amount due from the principal borrower. Therefore, we have no hesitation in holding that the Respondent is liable to be admitted to the bankruptcy process in terms of Section 100 (2) of the Code."
The initiation of the Insolvency Resolution process against Jhawar and the moratorium on all debts, which were to cease to have effect at the end of the 180-day period from January 30, 2026, has been declared.
The tribunal appointed Truvisory Insolvency Professionals as the RP to manage the insolvency process within 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.