NCLT starts personal insolvency of Himadri Foods guarantor Sanjay Karani, four years after the spice maker’s resolution
The Mumbai bench of the National Company Law Tribunal (NCLT) has started personal insolvency proceedings against Sanjay Laxmichand Karani, personal guarantor of Himadri Foods Ltd. Himadri, a Mumbai packaged-spices maker, went through corporate insolvency and was taken over by the Viraki consortium in 2022.
Court V of the NCLT Mumbai bench admitted the petition in CP (IB)/1041(MB)/2021 by an order dated October 16, 2026. That is according to a public notice published on Monday under Section 102 of the Insolvency and Bankruptcy Code (IBC). The resolution professional received a copy of the order on October 26. The case number shows the petition was filed in 2021, so it took about five years to be admitted.
The tribunal has appointed Mayank Rameshchandra Jain (IBBI/IPA-001/IP-P01055/2017-2018/11748) of KDRA Insolvency Professionals as resolution professional. Karani’s creditors have to file claims in Form B by November 23, 2026. They can file electronically or by hand, courier, speed post or registered post. The notice gives Karani’s last known address as Anupam Building, Nathalal Parekh Road, Wadala (West), Mumbai.
The notice doesn’t name the creditor that filed the petition.
The corporate insolvency
Himadri Foods was incorporated in 1995 (CIN U15136MH1995PLC088963). The Mumbai NCLT admitted it into the corporate insolvency resolution process (CIRP) on December 9, 2020, on a petition by operational creditor Pentaaleon Packaging LLP.
The committee of creditors approved a resolution plan from the Viraki consortium on March 10, 2022, with 87.15% of votes. The consortium is led by Viraki Brothers, which sells spices and groceries under the ‘Satyam’ brand. The NCLT approved the plan on October 7, 2022. Media reports at the time put the plan’s total value at a little over Rs 35 crore. Seven parties had shown interest in the company.
Himadri went through three Form G invitations for resolution plans. The first was issued by interim resolution professional Ramchandra Dallaram Choudhary, with an EOI deadline of May 13, 2021. The next two were issued by resolution professional Hari Kishan Bhoklay, in July and September 2021.
The money still owed
The list of creditors’ claims filed with the Insolvency and Bankruptcy Board of India (IBBI) shows admitted claims of Rs 81.06 crore against Himadri, out of Rs 94.48 crore claimed. Financial creditors account for Rs 54.47 crore of the admitted amount:
- secured lenders: Rs 45.12 crore
- unsecured financial creditors: Rs 9.36 crore
If the plan paid out about Rs 35 crore, creditors recovered roughly 43% of admitted claims, a haircut of about 57%. Most of the shortfall, around Rs 46 crore, can still be pursued from personal guarantors. The Supreme Court’s 2021 ruling in Lalit Kumar Jain v Union of India held that approval of a company’s resolution plan does not free its personal guarantors from liability.
Discover more from Insolvency Tracker
Subscribe to get the latest posts sent to your email.
