# In the matter of Bank of Maharashtra vs. Abhay Kumar Singh

> NCLT judgment dated 2023-07-10. Citation: TCN-2023-NCLT-05348. The case pertains to an application filed under Section 95 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 10 Jul 2023
- **Citation:** TCN-2023-NCLT-05348
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-cuttack/bank-of-maharashtra-vs-abhay-kumar-singh-287f11e7

## Summary

### Background

The case pertains to an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Bank of Maharashtra, the Financial Creditor/Petitioner, against Mr. Abhay Kumar Singh, the Personal Guarantor/Respondent.

## Facts

Bank of Maharashtra filed an application under Section 95 of IBC, 2016 against Mr. Abhay Kumar Singh, a personal guarantor.

Mr. Abhay Kumar Singh is the personal guarantor for the loans availed by M/s Hetauda Industries Pvt. Ltd.

M/s Hetauda Industries Pvt Ltd availed financial facility and term loan from Bank of Maharashtra of INR 4.75 Crores since March of 2015.

The Corporate Debtor defaulted in repayment, leading to the account being declared as NPA on 20.12.2017.

The amount of default is Rs. 5,79,48,461/-.

The Adjudicating Authority appointed Mr. Mangesh Vitthal Kekre as the Resolution Professional.

## Issues and analysis

### Issue 1: Whether the application filed under Section 95 …

**Ratio:** The petition filed under section

…

**Reasoning:** The copy of Petition was served on the petitioner/personal Guarantor and the Corporate

…

**Interpretation:** The application is deemed complete when all necessary documents are filed and

…

**Application:** The Adjudicating Authority determined that the application was complete in all

…

## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Bank of Maharashtr…
- **Respondents:** M/s Hetauda…; Abhay Kumar…
- **Other parties:** Mangesh Vitthal…
- **Advocates:** Mukesh Pan…

## Timeline

- **2015-03-01 — Loan Ava…**: M/s Hetauda Industries Pvt Ltd availed financial facility and term loan from Bank of…
- **2015-04-29 — Guarantee Ag…**: A guarantee agreement was executed by Mr. Abhay Kumar Singh director of Corporate Debtor…

## 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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