# In the matter of Central Bank of India Limited vs. Saurabh Dilip Pradhan

> NCLT judgment dated 2024-11-26. Citation: TCN-2024-NCLT-00173. The case involves a Company Petition filed by Canara Bank of India Limited to initiate the…

- **Court:** NCLT
- **Order date:** 26 Nov 2024
- **Citation:** TCN-2024-NCLT-00173
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/central-bank-of-india-limited-vs-saurabh-dilip-pradhan-5d748e4c

## Summary

### Background

The case involves a Company Petition filed by Canara Bank of India Limited to initiate the Corporate Insolvency Resolution Process (CIRP) against Shri Saurabh Dilip Pradhan, the Personal Guarantor of the Corporate Debtor, Cottstown Fashion Limited. The petition is filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016.

## Facts

Canara Bank of India Limited filed a Company Petition to initiate Corporate Insolvency Resolution Process (CIRP) against Shri Saurabh Dilip Pradhan, who is the Personal Guarantor of the Corporate Debtor, Cottstown Fashion Limited. The petition is filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The petitioner's counsel drew attention to the Deed of Personal Guarantee dated 2015-03-20 and the Demand Notice dated 2024-05-07 sent to the Respondent/Personal Guarantor regarding unpaid debt in default from M/s. Cottstown Fashion Limited. The court considered the submissions and documents, finding the petition complete. The court appointed Mr. Sumeet Gupta as the Resolution Professional and directed an advance payment of Rs. 1,00,000/- to be paid by the

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## Issues and analysis

### Issue 1: Whether the petition for initiating insolvency resolution process against the Personal Guarantor to …

**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 considered the submissions and documents presented and found the petition

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**Interpretation:** The interpretation of Sections 95 to 99 of the IBC, as clarified by the Supreme

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**Application:** Based on the documents and submissions, the court determined that the petition

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Central Bank of…
- **Respondents:** Cottstown Fashion…; Saurabh Dilip…

## Timeline

- **2015-03-20 — Deed of Personal…**: Date of the Deed of Personal Guarantee…
- **2024-05-07 — Demand N…**: Date of the Demand Notice sent to the Respondent/Personal Guarantor in respect of unpaid…

## 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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