# In the matter of Abhyudaya Co. Op. Bank Ltd. vs. Sunil Laxman Somvanshi

> NCLT judgment dated 2024-11-27. Citation: TCN-2024-NCLT-00160. The case involves a company petition filed by Abhyudaya Co. Op. Bank Ltd against Sunil Laxman…

- **Court:** NCLT
- **Order date:** 27 Nov 2024
- **Citation:** TCN-2024-NCLT-00160
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/abhyudaya-co-op-bank-ltd-vs-sunil-laxman-somvanshi-111d0adf

## Summary

### Background

The case involves a company petition filed by Abhyudaya Co. Op. Bank Ltd against Sunil Laxman Somvanshi, who is the personal guarantor of the corporate debtor. The petitioner invoked the personal guarantee due to the default of the corporate debtor and issued an Invocation Letter to recover outstanding dues related to a loan.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the company petition filed by Abhyudaya Co. Op. Bank Ltd against Sunil Laxman Somvanshi is …

**Ratio:** A company petition is considered complete if it meets all legal requirements for

…

**Reasoning:** The court, after reviewing the submissions and documents, found the company petition to

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**Interpretation:** The completeness of a company petition is crucial for initiating the Insolvency

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**Application:** In this case, the court determined that the petition filed by Abhyudaya Co. Op.

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## Parties

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

## Timeline

- **2024-05-28 — Demand Noti…**: Demand notice issued by the Financial Creditor invoking the guarantee against the…
- **2024-11-27 — Order Sheet of…**: Hearing held, Resolution Professional appointed, and directions issued for advance…

## 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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