# In the matter of Solapur Janata Sahakari Bank Ltd Vs. Pandurang Dattu Jhinje, CP (IB)/343(MB)/2022

> NCLT judgment dated 14 Sept 2022. Citation: TCN-2022-NCLT-01073. This case involves a Company Petition filed by Solapur Janata Sahakari Bank Limited, the…

- **Court:** NCLT
- **Order date:** 14 Sept 2022
- **Citation:** TCN-2022-NCLT-01073
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/solapur-janata-sahakari-bank-ltd-vs-pandurang-dattu-jhinje-cp-6b25830b

## Summary

### Background

This case involves a Company Petition filed by Solapur Janata Sahakari Bank Limited, the Financial Creditor, against Mr. Pandurang Dattu Jhinje, the Personal Guarantor. The petition was filed under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC), read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to the Corporate Debtors) Rules, 2019. The Financial Creditor sought to initiate the Personal Insolvency Resolution Process (CIRP) against the Personal Guarantor due to a default related to M/S. Shetkari Sakhar Karkhana (Chandrapuri) Limited, for which Mr. Jhinje was a guarantor.

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## Facts

Solapur Janata Sahakari Bank Limited, the Financial Creditor, filed a Company Petition under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Mr. Pandurang Dattu Jhinje, the Personal Guarantor. The petition was also filed in conjunction with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to the Corporate Debtors) Rules, 2019. The objective was to initiate the Personal Insolvency Resolution Process (CIRP) against Mr. Jhinje, who was a personal guarantor for M/S. Shetkari Sakhar Karkhana (Chandrapuri) Limited.

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## Issues and analysis

### Issue 1: Whether the procedural requirements for initiating the Personal Insolvency Resolution Process…

**Ratio:** The procedural requirements for initiating a Personal Insolvency Resolution Process under…

**Reasoning:** The court reasoned that the Financial Creditor had successfully delivered the demand…

**Interpretation:** The court interpreted Section 95 of the IBC to require comprehensive and…

**Application:** In this case, the court applied its interpretation by acknowledging the…

## Parties

- **Judges:** Satya Ranjan…; KISHORE VEMULAPALL…
- **Advocates:** For the Financial…; Ld. Cou…

## Timeline

- **December 27, 2021 — Demand Notice…**: Copy of Demand Notice successfully delivered to the Personal Guarantor by way of Speed…
- **March 23, 2022 — Petition and Court…**: Copy of the Petition and Court Notice successfully served to the Personal Guarantor by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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