# In the matter of Canara Bank vs. Thota Venkata Ramana & Ors.

> NCLT judgment dated 2026-01-09. Citation: TCN-2026-NCLT-00019. Canara Bank filed a Company Petition against Smt. Thota Venkata Ramana, the personal guarantor…

- **Court:** NCLT
- **Order date:** 9 Jan 2026
- **Citation:** TCN-2026-NCLT-00019
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-amaravati/canara-bank-vs-thota-venkata-ramana-ors-15d8c6de

## Summary

### Background

Canara Bank filed a Company Petition against Smt. Thota Venkata Ramana, the personal guarantor of M/s Sri Krishna Stockist & Traders Pvt Ltd, under Section 95 and Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Personal Insolvency Resolution Process.

## Facts

Canara Bank, the Financial Creditor, filed a petition against Smt. Thota Venkata Ramana, the Personal Guarantor of M/s Sri Krishna Stockist & Traders Pvt Ltd.

The Corporate Debtor, M/s Sri Krishna Stockist & Traders Pvt Ltd, availed cash credit facilities from Canara Bank.

The Corporate Debtor's account was classified as NPA on 31.08.2017.

Canara Bank initiated proceedings under the SARFAESI Act and issued a Demand Notice dated 08.11.2017.

The Corporate Debtor made OTS offers on 29.02.2020 and 30.11.2020, which were rejected by Canara Bank.

Canara Bank issued a Form B Demand Notice dated 02.05.2024 to the Personal Guarantor.

The Adjudicating Authority appointed Mr. Immaneni Eswar Rao as the Resolution Professional.

…

## Issues and analysis

### Issue 1: Whether the notice dated 05.10.2017 invoking the personal guarantee has been duly served upon the …

**Ratio:** The notice to the Guarantor may be served personally or by prepaid post to the registered

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**Reasoning:** The Personal Guarantor mentioned the Updated Address-1 in a document submitted to the

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**Interpretation:** The notice invoking the personal guarantee has been duly served on the Personal

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**Application:** The Adjudicating Authority considered the evidence and concluded that the

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## Parties

- **Judges:** UMESH KUMAR…; KISHORE VEMULAPALL…
- **Appellants:** Canara…
- **Respondents:** M/s. Sri Krishna…; Thota Venkata…
- **Other parties:** Amara…; Immaneni Es…
- **Advocates:** Dishit Bhattacharj…; M. Ram…

## Timeline

- **30.07.2017 — Date of…**: The loan account of the Corporate…
- **08.11.2017 — SARFAESI Proc…**: Financial Creditor initiated proceedings under the SARFAESI Act, 2002, and issued a…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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