Indian Bank filed a Company Petition against Sanjay Pandurang Kalate, who is the personal guarantor of M/s Club 29 Private Limited, seeking initiation of the Insolvency Resolution Process. The petition is based on Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor, Indian Bank, presented copies of the deeds of guarantee executed by the Respondent in favor of the Petitioner, dated 2014-03-22, 2016-03-11, 2017-08-30, 2020-06-20 and 2020-06-30. The Financial Creditor also referred to a demand notice (Form-B) dated 2022-10-21, which called upon the Personal Guarantor to pay an outstanding amount of Rs. 13,14,37,474/- as on 2022-10-18. The court appointed Mona Vora as the Resolution Professional to examine the petition and file a report.

Indian Bank filed a Company Petition against Sanjay Pandurang Kalate, who is the personal guarantor of M/s Club 29 Private Limited, seeking initiation of the Insolvency Resolution Process. The petition is based on Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor, Indian Bank, presented copies of the deeds of guarantee executed by the Respondent in favor of the Petitioner, dated 2014-03-22, 2016-03-11, 2017-08-30, 2020-06-20 and 2020-06-30. The Financial Creditor also referred to a demand notice (Form-B) dated 2022-10-21, which called upon the Personal Guarantor to pay an outstanding amount of Rs. 13,14,37,474/- as on 2022-10-18. The court appointed Mona Vora as the Resolution Professional to examine the petition and file a report.