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

> NCLT judgment dated 2024-11-26. Citation: TCN-2024-NCLT-00161. 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-00161
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/central-bank-of-india-limited-vs-saurabh-dilip-pradhan-a9c93dbf

## 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 petitioner has brought to the attention of the court the Deed of Personal Guarantee dated 20.03.2015 and the Demand Notice dated 07.05.2024 sent to the Respondent/Personal Guarantor for unpaid debt in default.

## Facts

Canara Bank of India Limited filed a Company Petition to initiate the 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 based on a Deed of Personal Guarantee dated 2015-03-20 and a Demand Notice dated 2024-05-07, which were issued due to unpaid debt in default by M/s. Cottstown Fashion Limited. The petitioner seeks to recover the debt from the personal guarantor, Saurabh Dilip Pradhan, due to the default of the corporate debtor. The court noted that the petition is complete in all respects as required by law.

## Issues and analysis

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

**Ratio:** The Supreme Court in Dilip B Jiwrajka Vs. Union of India & Ors. clarified that no

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**Reasoning:** The Bench considered the submissions and documents, finding the Company Petition complete

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**Interpretation:** Sections 95 to 99 of the IBC outline the process for initiating insolvency

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**Application:** Based on the Supreme Court's interpretation and the completeness of the

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Canara 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 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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