Insolvency Proceedings Initiated Against Marvel Group Promoter Vishwajeet Jhavar by NCLT Mumbai
Mumbai, 2nd March 2026: The National Company Law Tribunal (NCLT), Mumbai Bench, has ordered the commencement of insolvency proceedings against Vishwajeet Jhavar, owner and promoter of the Marvel Group, in his capacity as a personal guarantor.
The order was passed in Case No. C.P. (IB)/1233(MB)2025 on a petition filed by APRN Enterprises Private Limited, earlier known as Ansapack Pvt. Ltd. The proceedings arise from a loan transaction involving Marveledge Realtors Private Limited, a Marvel Group company owned and controlled by Jhavar.
Background of the case
In 2017, APRN Enterprises Private Limited extended an inter-corporate deposit to Marveledge Realtors Private Limited. To secure the loan, Vishwajeet Jhavar executed a personal guarantee, making himself personally liable in the event of default by the borrower company.
Marveledge Realtors Private Limited defaulted on repayment in May 2017. Although a settlement agreement was entered into in January 2025, the default continued. Consequently, APRN Enterprises cancelled the settlement and invoked the personal guarantee, issuing a formal demand notice to Jhavar in May 2025.
As of May 31, 2025, the total outstanding amount payable by Marveledge Realtors Private Limited and guaranteed by Vishwajeet Jhavar was stated to be approximately ₹226.89 crore.
Tribunal’s observations
The NCLT noted that the insolvency application against Jhavar, as personal guarantor, was maintainable under the Insolvency and Bankruptcy Code. The Tribunal observed that the loan transaction, default, and execution of the personal guarantee were clearly established through documentary evidence.
It further recorded that the personal guarantee executed by Jhavar was absolute, continuing, and legally enforceable. The Tribunal also noted that despite multiple opportunities, Jhavar neither filed a reply nor appeared before the Bench.
Implications of the NCLT order
With the order, the insolvency resolution process against Vishwajeet Jhavar has formally commenced. A moratorium is now in force, restraining him from selling, transferring, mortgaging, or creating any charge on his personal assets during the pendency of the proceedings.
The Tribunal has appointed Truvisory Insolvency Professionals Private Limited as the Resolution Professional to manage the process, invite claims, and conduct the insolvency proceedings in a time-bound manner.
Public notice to creditors
The Resolution Professional has been directed to issue a public notice within seven days on the official website of the NCLT, Mumbai Bench, inviting all creditors to submit their claims.
All creditors are required to file their claims within 21 days from the date of publication of the public notice.
Resolution Professional contact details
Truvisory Insolvency Professionals Private Limited
Address: 1501, Tower No. 4, Spring Grove Towers, Lokhandwala Township, Kandivali (East), Mumbai
Email: [email protected]
Phone: 9619114523
Advisory for creditors
Banks, financial institutions, lenders, investors, vendors, and other stakeholders having claims against Vishwajeet Jhavar in his capacity as personal guarantor to Marvel Group companies have been advised to submit their claims within the stipulated period. Failure to do so may result in loss of the right to participate in the insolvency resolution process.
