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

> NCLT judgment dated 2023-12-04. Citation: TCN-2023-NCLT-00472. The case involves an application under Section 95(1) of the IBC for initiation of Insolvency…

- **Court:** NCLT
- **Order date:** 4 Dec 2023
- **Citation:** TCN-2023-NCLT-00472
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-vs-sheetal-thankur-9569e706

## Summary

### Background

The case involves an application under Section 95(1) of the IBC for initiation of Insolvency Resolution Process against Sheetal Thakur, the Personal Guarantor of the Corporate Debtor. The Financial Creditor, Bank of Maharashtra Limited, filed the application. The Financial Creditor drew attention to a Demand Notice dated 17.11.2022 invoking the Guarantee and the Deed of Guarantee dated 25.03.2013 executed by the respondent.

## Facts

Bank of Maharashtra Limited filed a Company Petition against Sheetal Thakur, who is the Personal Guarantor of a Corporate Debtor, under Section 95(1) of the IBC. The Financial Creditor sought to initiate the Insolvency Resolution Process against the Personal Guarantor. The Financial Creditor presented a Demand Notice dated 17.11.2022 and a Deed of Guarantee dated 25.03.2013. The Financial Creditor did not propose an Interim Resolution Professional (IRP). The court then appointed Gaurang Chhotalal Shah as the Resolution Professional.

## Issues and analysis

### Issue 1: Whether the application for initiation of Insolvency Resolution Process against the Personal …

**Ratio:** Section 95(1) of the IBC allows a creditor to initiate insolvency resolution process

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**Reasoning:** The court considered the Financial Creditor's application and supporting documents,

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**Interpretation:** Section 95(1) provides a mechanism for creditors to recover debts from personal

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**Application:** The court applied Section 95(1) to the facts of the case, finding that the

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## Parties

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

## Timeline

- **2022-11-17 — Demand Noti…**: Date of the Demand Notice invoking the…
- **2013-03-25 — Deed of Guaran…**: Date of the Deed of 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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