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

> NCLT judgment dated 2024-11-27. Citation: TCN-2024-NCLT-00155. 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-00155
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/abhyudaya-co-op-bank-ltd-harshada-ashok-wayadande-f19f549e

## 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 due to the default of the Corporate Debtor and issued an Invocation Letter to pay outstanding dues. The Financial Creditor invited the attention of the bench to the demand notice dated 28.05.2024 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. The petitioner

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## 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 deemed complete when it fulfills all the legal requirements for

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**Reasoning:** The bench considered the submissions and documents presented by the Financial Creditor

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**Interpretation:** The completeness of a company petition is determined by adherence to the

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**Application:** The bench, after reviewing the documents, determined that the petition met all

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## Parties

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

## Timeline

- **2024-11-27 — Hearing…**: Order sheet of the…
- **2024-05-28 — Demand Noti…**: Demand notice dated 28.05.2024 invoking…

## 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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