# In the matter of Abhyudaya Co. Op Bank Ltd. Harshada Ashok Wayadande

> NCLT judgment dated 2024-11-27. Citation: TCN-2024-NCLT-00148. The case involves a company petition filed by Abhyudaya Co. Op. Bank Ltd for the initiation of…

- **Court:** NCLT
- **Order date:** 27 Nov 2024
- **Citation:** TCN-2024-NCLT-00148
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/abhyudaya-co-op-bank-ltd-harshada-ashok-wayadande-b8b32448

## Summary

### Background

The case involves a company petition filed by Abhyudaya Co. Op. Bank Ltd for the initiation of the Insolvency Resolution Process against the respondent, Miss Harshada Ashok Wayadande, who is the personal guarantor of the corporate debtor. The Financial Creditor invoked the personal guarantee and issued an Invocation Letter due to the default of the Corporate Debtor.

## Facts

Abhyudaya Co. Op. Bank Ltd filed a company petition for the initiation of the Insolvency Resolution Process against Miss Harshada Ashok Wayadande, who is the personal guarantor of the corporate debtor. The Financial Creditor invoked the personal guarantee and issued an Invocation Letter due to the default of the Corporate Debtor. The Financial Creditor invited the attention of the bench to the demand notice dated 2024-05-28 invoking the guarantee against the respondent and also invited the attention of this bench to the proof of the demand notice. The Financial Creditor also invited the attention to the deed of guarantee being the guarantee for all facilities executed by the personal guarantor in favor of the applicant bank.

## Issues and analysis

### Issue 1: Whether the company petition filed by Abhyudaya Co. Op. Bank Ltd for the initiation of the …

**Ratio:** A company petition is admissible if it is

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**Reasoning:** The bench considered the submissions and documents presented and found the Company

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**Interpretation:** The legal principle is that a company petition must meet all legal requirements

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**Application:** The court applied this principle by reviewing the petition and related

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Abhyudaya Co. Op.…; Abhyudaya Co-Op…
- **Respondents:** HARSHADA ASHOK…

## Timeline

- **2024-05-28 — Demand Noti…**: Demand notice issued invoking the…
- **2024-11-27 — Hearing…**: Order sheet of the…

## 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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