# In the matter of Abhyudaya Co. Op. Bank Ltd. vs. Monica Ajeet Mulay

> NCLT judgment dated 2024-11-25. Citation: TCN-2024-NCLT-00178. 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-00178
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/abhyudaya-co-op-bank-ltd-vs-monica-ajeet-mulay-7c76c68d

## 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. Monica Ajeet Mulay, the Personal Guarantor.

## 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. Monica Ajeet Mulay, the Personal Guarantor. The petition is based on a deed of guarantee dated 05.12.2013 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 court found that the requirements under Section 95 of the Code were complete. The Financial Creditor seeks to recover dues guaranteed by the Personal Guarantor. The successful delivery of the demand notice is a key fact establishing compliance with procedural requirements.

## Issues and analysis

### Issue 1: Whether the application under Section 95 of the Insolvency and Bankruptcy Code, 2016, for …

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

…

**Reasoning:** The court considered the deed of guarantee and the successful delivery of the demand

…

**Interpretation:** Section 95 provides a mechanism for creditors to pursue insolvency proceedings

…

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

…

## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Abhyudaya Co. Op.…; Abhyudaya Co-Op…
- **Respondents:** Monica Ajee…
- **Advocates:** Maulik Ch…; 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 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/abhyudaya-co-op-bank-ltd-vs-monica-ajeet-mulay-7c76c68d