# In the matter of Solapur Janata Sahakari Bank Ltd.  vs. Sudhakar Bhanudas Hande

> NCLT judgment dated 1 Mar 2024. Citation: TCN-2024-NCLT-02275. The Financial Creditor, Solapur Janata Sahakari Bank Limited, filed a petition under Section…

- **Court:** NCLT
- **Order date:** 1 Mar 2024
- **Citation:** TCN-2024-NCLT-02275
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/solapur-janata-sahakari-bank-ltd-vs-sudhakar-bhanudas-hande-6f5cb91f

## Summary

### Background

The Financial Creditor, Solapur Janata Sahakari Bank Limited, filed a petition under Section 95(1) of the Insolvency & Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate insolvency resolution proceedings against Mr. Sudhakar Bhanudas Hande, the Personal Guarantor. The petition sought recovery of a principal amount of INR 5,41,40,285/- and interest of INR 8,00,72,494/-, totaling INR 13,42,12,779/- as of September 30, 2021. The date of default was specified as March 31, 2017, related to a property mortgaged loan.

## Facts

The Financial Creditor, Solapur Janata Sahakari Bank Limited, filed a petition on March 12, 2022, under Section 95 of the Insolvency & Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The petition sought to initiate insolvency resolution proceedings against Mr. Sudhakar Bhanudas Hande, the Personal Guarantor, for the recovery of a total amount of INR 13,42,12,779/- as of September 30, 2021. The date of default, as stated in the petition, was March 31, 2017, related to a property mortgaged loan.

## Issues and analysis

### Issue 1: Whether the application for initiating insolvency resolution process against the personal guarantor…

**Ratio:** An application for initiating insolvency resolution process against a personal guarantor…

**Reasoning:** The NCLT found that the Personal Guarantor's arguments disputing the claim amount,…

**Interpretation:** The NCLT interpreted the provisions of the IBC and the Personal Guarantors…

**Application:** Given the valid Demand Notice dated December 20, 2021, and the established…

## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Advocates:** For the Financial…; Ld. Cou…

## Timeline

- **August 20, 2015 — Sanction Lette…**: Shetkari Sakhar Karkhana (Chandipur) Limited was sanctioned 'short-term other security'…
- **September 21, 2015 — Personal Guarantee and…**: Mr. Sudhakar Bhanudas Hande, the Personal Guarantor, executed a Personal Guarantee and a…

## 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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