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

> NCLT judgment dated 2024-03-21. Citation: TCN-2024-NCLT-01997. The Bank of Maharashtra, as the Financial Creditor/Petitioner, filed a petition under Section…

- **Court:** NCLT
- **Order date:** 21 Mar 2024
- **Citation:** TCN-2024-NCLT-01997
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-vs-gulabrao-khanderao-shinde-d2ddf5a6

## Summary

### Background

The Bank of Maharashtra, as the Financial Creditor/Petitioner, 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 (Principal Borrower). The Corporate Debtor and its Guarantors had approached the Financial Creditor in 2016 for credit facilities, which were sanctioned. The Corporate Debtor defaulted in repayment, 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 had approached the Financial Creditor in 2016 for credit facilities, which were sanctioned on 30.09.2016. Gulabrao Khanderao Shinde provided a personal guarantee for the credit facility. The Deed of Guarantee was executed on 21.10.2016. The Principal Borrower defaulted in repayment, with the debt falling due on 29.09.2017. The Financial Creditor issued a Demand Notice on 02.07.2022. The total amount due was Rs. 38,22,33,280 as of 31.01.2023. The Personal Guarantor failed to repay

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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 Supreme Court's judgment in Dilip B Jiwrajka Vs. Union of India

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**Reasoning:** The court reasoned that the petition was complete in all respects and met the

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**Interpretation:** The interpretation of Section 95-99 of the IBC, as clarified by the Supreme

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**Application:** The ratio was applied to the facts of the case, where the court found the

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## Parties

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

## Timeline

- **2016-01-01 — Credit Facilities…**: The Corporate Debtor and its Guarantors approached the Financial Creditor for various…
- **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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