# In the matter of Bank of Maharashtra Limited vs. Sheetal Thakur & Ors.

> NCLT judgment dated 2024-10-29. Citation: TCN-2024-NCLT-00328. Bank of Maharashtra filed three company petitions (CP (IB) No. 875/MB/2023, CP (IB) No.…

- **Court:** NCLT
- **Order date:** 29 Oct 2024
- **Citation:** TCN-2024-NCLT-00328
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-limited-vs-sheetal-thakur-ors-ef477ed0

## Summary

### Background

Bank of Maharashtra filed three company petitions (CP (IB) No. 875/MB/2023, CP (IB) No. 876/MB/2023, and CP (IB) No. 904/MB/2023) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to the Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, seeking to initiate insolvency resolution processes against Ms. Sheetal Thakur, Ms. Aarti Thakur, and Mr. Sidhant Thakur, who are personal guarantors to Anmol Rice Mill Private Limited (Corporate Debtor). The bank claimed a default of Rs. 22,92,71,428.90 as of 25.07.2023. The applications were filed on 18.08.2023 and 21.08.2023. The Resolution Professional recommended admission of the

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## Facts

Bank of Maharashtra (Applicant/Financial Creditor) filed three company petitions against Ms. Sheetal Thakur, Ms. Aarti Thakur, and Mr. Sidhant Thakur (Respondents/Personal Guarantors) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate insolvency resolution processes against them as personal guarantors to Anmol Rice Mill Private Limited (Corporate Debtor). The bank claimed a default of Rs. 22,92,71,428.90 as of 25.07.2023. The alleged debt fell due on 15.07.2013, and the dates of default as per Part-III of the three Applications is 22.10.2014. The bank had extended credit facilities to the Corporate Debtor, including a term loan of Rs. 2,00,00,000 and a cash credit facility of Rs. 7,50,00,000. The Respondents/Personal Guarantors had

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## Issues and analysis

### Issue 1: Whether the applications filed by the Bank of Maharashtra against the personal guarantors are …

**Ratio:** The Hon'ble Supreme Court in Syndicate Bank Vs. Channaveerappa Belari and Ors., [Civil

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**Reasoning:** The NCLT reasoned that the applications were filed beyond the three-year limitation

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**Interpretation:** Section 238A of the IBC mandates that the provisions of the Limitation Act,

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**Application:** In this case, the NCLT found that the last payment was made on 10.03.2017. Even

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** BANK OF MAHARASHTR…
- **Respondents:** Anmol Rice Mill…; SHEETAL T…
- **Advocates:** Abhishek…; Gaurav Sa…; +1 more

## Timeline

- **2013-03-14 — Sanction Lett…**: Date of the Sanction Letter for credit…
- **2013-03-25 — Deed of Gua…**: Date of the Deed of Guarantee executed by…

## 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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