# In the matter of Bank of Maharashtra vs. Tejaswini Santosh Shinde

> NCLT judgment dated 2024-03-21. Citation: TCN-2024-NCLT-01988. The Bank of Maharashtra, as the Financial Creditor, filed an application under Section 95 of…

- **Court:** NCLT
- **Order date:** 21 Mar 2024
- **Citation:** TCN-2024-NCLT-01988
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-maharashtra-vs-tejaswini-santosh-shinde-26ec1ffe

## Summary

### Background

The Bank of Maharashtra, as the Financial Creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mrs. Tejaswini Santosh Shinde, the Personal Guarantor, for the repayment of credit facilities sanctioned to M/s Trimurti Corns Agro Foods Private Limited, the Principal Borrower. The Principal Borrower had approached the Financial Creditor for credit facilities, which were sanctioned on 30.09.2016. The Respondent executed a Deed of Guarantee on 21.10.2016 to secure the credit facility availed by the Principal Borrower. The Financial Creditor issued a notice on 01.03.2017 under Section 13(2) of the SARFESI Act, 2002, calling upon the Principal Borrower and the guarantors to repay the

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## Facts

The Bank of Maharashtra (Financial Creditor) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mrs. Tejaswini Santosh Shinde (Respondent), who is the Personal Guarantor for the repayment of credit facilities sanctioned to M/s Trimurti Corns Agro Foods Private Limited (Principal Borrower). The credit facilities were sanctioned on 30.09.2016. The Respondent executed a Deed of Guarantee on 21.10.2016. The Financial Creditor issued a notice under Section 13(2) of the SARFESI Act, 2002, on 01.03.2017, demanding repayment. The Principal Borrower defaulted and was admitted into CIRP on 20.11.2018. A demand notice was issued on 02.07.2022. The total amount due was Rs. 38,22,33,280 as of

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## Issues and analysis

### Issue 1: Whether the application under Section 95 of the Insolvency and Bankruptcy Code, 2016, for …

**Ratio:** Section 95 of the IBC, 2016, allows a financial creditor to initiate the insolvency

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**Reasoning:** The court observed that the application was accompanied by details and documents relating

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**Interpretation:** Section 95 of the IBC provides a mechanism for creditors to recover debts from

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**Application:** In this case, the Bank of Maharashtra, as the Financial Creditor, demonstrated

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## Parties

- **Judges:** Charanjeet Singh…; LAKSHMI G…
- **Appellants:** Bank of Maharashtr…
- **Respondents:** Trimurti Corns…; Tejaswini Santosh…

## Timeline

- **2016-09-30 — Sanction of Credit…**: The Financial Creditor sanctioned credit…
- **2016-10-21 — Execution of Deed of…**: The Respondent executed a Deed of Guarantee (RF154A) to secure the credit facility…

## 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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