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

> NCLT judgment dated 2024-12-02. Citation: TCN-2024-NCLT-00115. The case involves a Company Petition filed by Abhyudaya Co-Op Bank Limited, the Financial…

- **Court:** NCLT
- **Order date:** 2 Dec 2024
- **Citation:** TCN-2024-NCLT-00115
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/abhyudaya-co-op-bank-ltd-vs-bhushan-pundlikrao-patil-3ca98a0a

## 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 Mr. Bhushan Pundlikrao Patil, the Personal Guarantor. The Financial Creditor drew the bench's attention to a deed of guarantee dated 05.12.2013 executed by the Personal Guarantor and submitted that a copy of the Demand Notice (Form B) dated 29.06.2024 was successfully delivered to the Personal Guarantor on 03.07.2024.

## 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 Mr. Bhushan Pundlikrao Patil, the Personal Guarantor. A deed of guarantee dated 05.12.2013 was executed by the Personal Guarantor. A Demand Notice (Form B) dated 29.06.2024 was successfully delivered to the Personal Guarantor on 03.07.2024. The bench appointed Mr. Manish Lalji Dawada as the Resolution Professional (RP). An interim-moratorium under Section 96(1)(a) of the Insolvency and Bankruptcy Code, 2016 has commenced. The Financial Creditor is required to pay Rs. 2,00,000 to the RP.

## Issues and analysis

### Issue 1: Whether the application to initiate Personal Insolvency Resolution Process (CIRP) against Mr. …

**Ratio:** Section 95 of the Insolvency & Bankruptcy Code, 2016 allows a financial creditor to

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**Reasoning:** The court considered the application filed by the Financial Creditor, Abhyudaya Co-Op

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**Interpretation:** Section 95 provides a mechanism for financial creditors to recover debts from

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**Application:** The court applied Section 95 to the facts of the case, considering the

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Abhyudaya Co. Op.…; Abhyudaya Co-Op…
- **Respondents:** Bhushan Pundlikrao…
- **Advocates:** Mavli…; Amar Kh…; +2 more

## 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(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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