# In the matter of Indian Bank vs. Sanjay Pandurang Kalate

> NCLT judgment dated 2024-11-14. Citation: TCN-2024-NCLT-00232. The case involves an application filed by Indian Bank against Sanjay Pandurang Kalate, the…

- **Court:** NCLT
- **Order date:** 14 Nov 2024
- **Citation:** TCN-2024-NCLT-00232
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indian-bank-vs-sanjay-pandurang-kalate-69632afe

## Summary

### Background

The case involves an application filed by Indian Bank against Sanjay Pandurang Kalate, the personal guarantor of M/s Club 29 Private Limited, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor, Indian Bank, seeks initiation of the Insolvency Resolution Process against the personal guarantor based on deeds of guarantee executed in its favor.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the application filed by Indian Bank for initiation of Insolvency Resolution Process …

**Ratio:** Section 95(1) of the Insolvency and Bankruptcy Code, 2016 allows a creditor to initiate

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**Reasoning:** The court considered the application filed by Indian Bank under Section 95(1) of the IBC,

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**Interpretation:** Section 95(1) provides a mechanism for creditors to pursue insolvency

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**Application:** The court applied Section 95(1) by acknowledging the application's basis and

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Indian…
- **Respondents:** Club 29 Private…; Sanjay Pandurang…

## Timeline

- **2014-03-22 — Deed of Gua…**: One of the deeds of guarantee executed by the…
- **2016-03-11 — Deed of Gua…**: One of the deeds of guarantee executed by the…

## 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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