# In the matter of Bank of Baroda vs.  Jitendra V Kikavat

> NCLT judgment dated 2024-07-30. Citation: TCN-2024-NCLT-00914. The Bank of Baroda initiated insolvency proceedings against Mr. Jitendra V Kikavat, the…

- **Court:** NCLT
- **Order date:** 30 Jul 2024
- **Citation:** TCN-2024-NCLT-00914
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-jitendra-v-kikavat-c29ba5fd

## Summary

### Background

The Bank of Baroda initiated insolvency proceedings against Mr. Jitendra V Kikavat, the personal guarantor of M/S Mahavir Roads and Infrastructure Pvt. Ltd., for the recovery of Rs. 66,35,16,757.11. The corporate debtor was already under CIRP based on an order dated 21.02.2019. The petition was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016. The date of default was specified as 30.01.2016. The petitioner placed on record the sanction letter, deed of guarantees, and demand notice invoking the guarantee.

## Facts

Bank of Baroda filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Jitendra V Kikavat, the personal guarantor of M/S Mahavir Roads and Infrastructure Pvt. Ltd., seeking to initiate the insolvency resolution process for recovery of Rs. 66,35,16,757.11. The date of default was specified as 30.01.2016. The Corporate Debtor, M/S Mahavir Roads and Infrastructure Pvt. Ltd., was incorporated on 16.10.2006 and was already under CIRP based on an order dated 21.02.2019. The petitioner placed on record the sanction letter dated 22.02.2012, deed of guarantees dated 26.04.2012, and Demand Notice dated 06.11.2020. The Respondent contended that the Guarantee Letter was insufficiently stamped, the demand notice was issued beyond the limitation

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## Issues and analysis

### Issue 1: Whether the petition was filed …

**Ratio:** The default in case of a guarantor arises when the guarantee is invoked, making the

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**Reasoning:** The guarantee was invoked on 06.11.2020, and the petition was filed on 01.01.2022. The

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**Interpretation:** The limitation period for invoking a personal guarantee starts from the date of

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**Application:** Since the guarantee was invoked on 06.11.2020 and the petition was filed on

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## Parties

- **Judges:** V.G. B…; SH. PRABHAT…
- **Appellants:** Bank of B…
- **Respondents:** M/S Mahavir Roads…; Jitendra V…

## Timeline

- **2016-01-30 — Date of D…**: The date of default as specified…
- **2019-02-21 — CIRP Ord…**: An order of CIRP against the Corporate…

## 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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