# In the matter of Bank of Baroda Vs. Pawan V Kikavat, CP (IB) No. 140(MB)/2022

> NCLT judgment dated 2022-06-29. Citation: TCN-2022-NCLT-01985. Bank of Baroda filed a Company Petition against Mr. Pawan V Kikavat, the Personal Guarantor of…

- **Court:** NCLT
- **Order date:** 29 Jun 2022
- **Citation:** TCN-2022-NCLT-01985
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-pawan-v-kikavat-cp-0ee932ed

## Summary

### Background

Bank of Baroda filed a Company Petition against Mr. Pawan V Kikavat, the Personal Guarantor of the Corporate Debtor, M/s. Mahavir Roads and Infrastructure Pvt Ltd, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The petition seeks initiation of the Insolvency Resolution Process against the Personal Guarantor. The petitioner's counsel drew attention to a demand notice dated 06.11.2020 invoking the guarantee and the proof of its delivery, as well as a deed of Guarantee dated 26.04.2012 executed by the Personal Guarantor.

## Facts

Bank of Baroda filed a petition against Mr. Pawan V Kikavat, who is the personal guarantor for the corporate debtor M/s. Mahavir Roads and Infrastructure Pvt Ltd. The petition is for initiating the Insolvency Resolution Process under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The bank presented a demand notice dated 06.11.2020 invoking the guarantee and a deed of guarantee dated 26.04.2012 executed by Mr. Kikavat. The Resolution Professional had already filed a report. The personal guarantor's counsel opposed the petition's maintainability because the Resolution Professional had already filed a report without an explicit order from the Adjudicating Authority. The court then directed the Resolution Professional to submit a fresh report.

## Issues and analysis

### Issue 1: Whether the petition filed by Bank of Baroda against the Personal Guarantor is maintainable, …

**Ratio:** The principle of procedural compliance and the need for explicit authorization from the

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**Reasoning:** The court considered the argument that the Resolution Professional had already filed a

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**Interpretation:** The court interpreted the relevant provisions of the Insolvency and Bankruptcy

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**Application:** The court applied the principle by directing the Resolution Professional to

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Bank of B…
- **Respondents:** M/S Mahavir Roads…; Pawan V K…

## Timeline

- **2012-04-26 — Deed of Gua…**: Deed of Guarantee executed…
- **2020-11-06 — Demand N…**: Demand notice issued invoking the Guarantee…

## 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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