# In the matter of Bank of Maharashtra vs. Sidhant Thakur

> NCLT judgment dated 2023-12-04. Citation: TCN-2023-NCLT-00479. The case involves an application for initiation of Insolvency Resolution Process against a…

- **Court:** NCLT
- **Order date:** 4 Dec 2023
- **Citation:** TCN-2023-NCLT-00479
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-vs-sidhant-thakur-0bc58375

## Summary

### Background

The case involves an application for initiation of Insolvency Resolution Process against a personal guarantor of a corporate debtor. The Financial Creditor, Bank of Maharashtra, filed the Company Petition. The Financial Creditor drew the Bench's attention to a Demand Notice dated 17.11.2022 invoking the Guarantee against the respondent and proof of its delivery, as well as a Deed of Guarantee dated 25.03.2013 executed by the respondent.

## Facts

Bank of Maharashtra, the Financial Creditor, filed a Company Petition for initiation of Insolvency Resolution Process against Sidhant Thakur, the Personal Guarantor of a Corporate Debtor. The Financial Creditor presented a Demand Notice dated 17.11.2022 invoking the guarantee and proof of its delivery, along with a Deed of Guarantee dated 25.03.2013 executed by the respondent. The Financial Creditor did not propose an IRP. The court then appointed an IRP and ordered an advance payment to initiate the resolution process. An interim moratorium was also declared.

## Issues and analysis

### Issue 1: Whether an Interim Resolution Professional should be appointed when the Financial Creditor has not …

**Ratio:** The court has the power to appoint an IRP from the panel of RPs furnished by the IBBI

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**Reasoning:** The Bench noted that the Financial Creditor did not suggest the name of any Interim

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**Interpretation:** This demonstrates the court's authority to ensure the insolvency resolution

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**Application:** Since the Financial Creditor did not suggest an IRP, the court appointed

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## Parties

- **Judges:** SANJIV…; Reeta K…
- **Appellants:** Bank of Maharashtr…
- **Respondents:** Sidhant T…

## Timeline

- **2022-11-17 — Demand Noti…**: The Financial Creditor issued a Demand Notice invoking the Guarantee against the…
- **2013-03-25 — Deed of Guaran…**: The Deed of Guarantee was…

## 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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