# In the matter of Bank of Maharashtra vs. Sheetal Thankur

> NCLT judgment dated 2023-12-04. Citation: TCN-2023-NCLT-00475. The case involves an application under Section 95(1) of the IBC for initiating the Insolvency…

- **Court:** NCLT
- **Order date:** 4 Dec 2023
- **Citation:** TCN-2023-NCLT-00475
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-vs-sheetal-thankur-4ff19089

## Summary

### Background

The case involves an application under Section 95(1) of the IBC for initiating the Insolvency Resolution Process against the Respondent/Personal Guarantor, who is the Personal Guarantor of the Corporate Debtor. The Financial Creditor, Bank of Maharashtra Limited, filed the application. The Financial Creditor has drawn attention to the Demand Notice dated 17.11.2022 invoking the Guarantee against the respondent and also the proof of delivery of the Demand Notice, and the Deed of Guarantee dated 25.03.2013 executed by the respondent.

## Facts

Bank of Maharashtra Limited, the Financial Creditor, filed a Company Petition under Section 95(1) of the IBC to initiate the Insolvency Resolution Process against Sheetal Thakur, the Respondent/Personal Guarantor, who is the Personal Guarantor of the Corporate Debtor. The Financial Creditor invoked the Guarantee against the respondent via a Demand Notice dated 17.11.2022 and also drew attention to the Deed of Guarantee dated 25.03.2013. The Financial Creditor did not suggest an Interim Resolution Professional (IRP). The court appointed Gaurang Chhotalal Shah as the Resolution Professional (RP). An interim moratorium under Section 96(1)(a) of the IBC was initiated.

## Issues and analysis

### Issue 1: Whether an Interim Resolution Professional (IRP) should be appointed when the Financial Creditor …

**Ratio:** When the Financial Creditor does not suggest an IRP, the Bench can appoint an IRP from

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**Reasoning:** The court reasoned that since the Financial Creditor did not suggest an IRP, it was

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**Interpretation:** This indicates that the court has the authority to appoint an IRP even if the

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**Application:** In this case, since the Bank of Maharashtra Limited did not suggest an IRP, the

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## Parties

- **Judges:** SANJIV…; Reeta K…
- **Appellants:** BANK OF MAHARASHTR…
- **Respondents:** SHEETAL T…

## Timeline

- **2013-03-25 — Deed of Gua…**: Deed of Guarantee…
- **2022-11-17 — Demand N…**: Demand Notice issued by the Financial Creditor invoking the Guarantee against the…

## 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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