# In the matter of IDBI Bank Ltd. vs. Sangeeta Ramhari Ganage

> NCLT judgment dated 2024-11-13. Citation: TCN-2024-NCLT-00247. The case pertains to an application filed under Section 100 read with Section 95 of the…

- **Court:** NCLT
- **Order date:** 13 Nov 2024
- **Citation:** TCN-2024-NCLT-00247
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/idbi-bank-ltd-vs-sangeeta-ramhari-ganage-106392b3

## Summary

### Background

The case pertains to an application filed under Section 100 read with Section 95 of the Insolvency & Bankruptcy Code, 2016, along with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, seeking initiation of the insolvency resolution process for personal guarantors to corporate debtors. The application was filed by IDBI Bank, through its Resolution Professional, against Mrs. Sangeeta Ramhari Ganage, who is the personal guarantor for Ganage Pressings Private Limited. The financial creditor seeks to recover a total debt of INR 75,02,18,289.92 as of June 30, 2022, along with unapplied interest and other relevant charges.

## Facts

IDBI Bank, the Financial Creditor, filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mrs. Sangeeta Ramhari Ganage, the Personal Guarantor of Ganage Pressings Private Limited, seeking to initiate the insolvency resolution process. The Financial Creditor claims a total debt of INR 75,02,18,289.92 as of June 30, 2022, plus unapplied interest and other charges. The Financial Creditor had granted working capital facilities to Ganage Pressings Private Limited through a sanction letter dated February 21, 2014. The Directors of the Corporate Debtor, along with the Respondent, executed a Deed of Guarantee dated March 18, 2014, personally guaranteeing the debt. The Financial Creditor issued a Legal Notice to the Corporate Debtor and its

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## Issues and analysis

### Issue 1: Whether the present Company …

**Ratio:** The principle of limitation dictates that legal actions must be initiated within a

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**Reasoning:** The court noted that the Financial Creditor issued a Legal Notice on 12.06.2015 and

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**Interpretation:** The interpretation of limitation involves determining when the cause of action

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**Application:** In this case, the court applied the principle by considering the Legal Notice,

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** IDBI…
- **Respondents:** Ganage Pressings…; Sangeeta Ramhari…
- **Advocates:** Manish…; Anshul Anja…

## Timeline

- **2014-02-21 — Sanction…**: Financial Creditor granted working capital facilities to Ganage Pressings Private Limited…
- **2014-03-18 — Deed of Gua…**: Directors of Corporate Debtor and…

## 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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