# In the matter of Bank of Maharashtra vs. Gulabrao Khanderao Shinde

> NCLT judgment dated 2024-03-21. Citation: TCN-2024-NCLT-01984. The Bank of Maharashtra filed a petition under Section 95 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 21 Mar 2024
- **Citation:** TCN-2024-NCLT-01984
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-vs-gulabrao-khanderao-shinde-5e520202

## Summary

### Background

The Bank of Maharashtra filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Gulabrao Khanderao Shinde, the personal guarantor of Trimurti Corns Agro Foods Private Limited. The corporate debtor and its guarantors had approached the financial creditor in 2016 for credit facilities, which were sanctioned. The corporate debtor defaulted on repayments, leading to the petition.

## Facts

The Bank of Maharashtra filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Gulabrao Khanderao Shinde, the personal guarantor of Trimurti Corns Agro Foods Private Limited. The Corporate Debtor and its Guarantors approached the Financial Creditor in 2016 and requested for various credit facilities which was then sanctioned by the Financial Creditor vide a sanction Letter on 30.09.2016 for their purpose of business. Gulabrao Khanderao Shinde guaranteed the repayment of credit facilities availed by the Corporate Debtor. The liability of the Guarantor is based upon the Deed of Guarantee dated 21.10.2016. The Principal Borrower/Corporate Debtor defaulted in repayment of the said credit

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## Issues and analysis

### Issue 1: Whether the petition for initiating the insolvency resolution process against the Personal …

**Ratio:** The court relied on the provisions of Section 95 of the Insolvency and Bankruptcy Code,

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**Reasoning:** The court found the petition to be complete in all respects, justifying the initiation of

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**Interpretation:** The court interpreted Section 95 of the IBC and the Supreme Court's judgment to

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**Application:** Based on the facts presented and the legal principles, the court determined

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## Parties

- **Judges:** Charanjeet Singh…; Smt Lakshmi…
- **Appellants:** Bank of Maharashtr…
- **Respondents:** Trimurti Corns…; Gulabrao Khanderao…

## Timeline

- **2016-01-01 — Request for Credit…**: The Corporate Debtor and its Guarantors approached the Financial Creditor and requested…
- **2016-09-30 — Sanction…**: The Financial Creditor sanctioned the…

## 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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