# In the matter of Abhyudaya Co. Op. Bank Ltd. vs. Anita Bhushan Patil

> NCLT judgment dated 2024-11-25. Citation: TCN-2024-NCLT-00181. The case involves a Company Petition filed by Abhyudaya Co-Op Bank Limited, the Financial…

- **Court:** NCLT
- **Order date:** 25 Nov 2024
- **Citation:** TCN-2024-NCLT-00181
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/abhyudaya-co-op-bank-ltd-vs-anita-bhushan-patil-473252dc

## Summary

### Background

The case involves a Company Petition filed by Abhyudaya Co-Op Bank Limited, the Financial Creditor, 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 seeks to initiate Personal Insolvency Resolution Process (CIRP) against Ms. Anita Bhushan Patil, the Personal Guarantor. The Financial Creditor's counsel highlighted a deed of guarantee dated 2013-12-05 executed by the Personal Guarantor and a demand notice dated 2024-06-29, which was successfully delivered to the Personal Guarantor on 2024-07-03.

## Facts

Abhyudaya Co-Op Bank Limited, the Financial Creditor, filed a Company Petition under Section 95 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Personal Insolvency Resolution Process (CIRP) against Ms. Anita Bhushan Patil, the Personal Guarantor. The application is based on a deed of guarantee dated 2013-12-05 executed by Ms. Patil. A demand notice (Form B) dated 2024-06-29 was served to Ms. Patil on 2024-07-03. The court found the requirements under Section 95 of the Code to be complete. Mr. Manish Lalji Dawada was appointed as the Resolution Professional (RP). An interim-moratorium under Section 96(1)(a) of the Insolvency and Bankruptcy Code, 2016, was initiated.

## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 95 of the Insolvency and …

**Ratio:** Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the

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**Reasoning:** The court considered the submissions of the Financial Creditor's counsel, who highlighted

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**Interpretation:** Section 95 of the IBC provides the mechanism for a creditor to initiate

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**Application:** The court applied the provisions of Section 95 and Rule 7(2) to the facts of

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## Parties

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

## Timeline

- **2013-12-05 — Deed of Gua…**: Deed of guarantee executed…
- **2024-06-29 — Demand N…**: Demand Notice (Form B) issued…

## 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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