Abhyudaya Co. Op. Bank Ltd filed a company petition against Sunil Laxman Somvanshi, who is the personal guarantor for a corporate debtor. The petition was filed due to the corporate debtor's default on a loan, leading the bank to invoke the personal guarantee. The bank issued a demand notice dated 2024-05-28 invoking the guarantee. 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 seeks to initiate the Insolvency Resolution Process. The court considered the petition and appointed Mr. Manish Lalji Dawada as the Resolution Professional, directing an advance payment of Rs. 2,00,000/- to be made to him by the Financial Creditor.

Abhyudaya Co. Op. Bank Ltd filed a company petition against Sunil Laxman Somvanshi, who is the personal guarantor for a corporate debtor. The petition was filed due to the corporate debtor's default on a loan, leading the bank to invoke the personal guarantee. The bank issued a demand notice dated 2024-05-28 invoking the guarantee. 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 seeks to initiate the Insolvency Resolution Process. The court considered the petition and appointed Mr. Manish Lalji Dawada as the Resolution Professional, directing an advance payment of Rs. 2,00,000/- to be made to him by the Financial Creditor.