# In the matter of Madhavi Suhas Doshi

> NCLT judgment dated 2023-03-29. Citation: TCN-2023-NCLT-04014. The case involves a Company Petition filed by Madhavi Suhas Doshi, the Personal Guarantor to…

- **Court:** NCLT
- **Order date:** 29 Mar 2023
- **Citation:** TCN-2023-NCLT-04014
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/madhavi-suhas-doshi-39389885

## Summary

### Background

The case involves a Company Petition filed by Madhavi Suhas Doshi, the Personal Guarantor to Autocop India Pvt. Ltd., under Section 94(1) of the Insolvency & Bankruptcy Code, 2016, seeking to initiate a bankruptcy process against herself. Autocop India Pvt. Ltd. had obtained loans secured by guarantee agreements from various banks. The company faced financial difficulties due to the impact of Covid-19, leading to a Corporate Insolvency Resolution Process initiated against it. Madhavi Suhas Doshi, as the guarantor, is unable to pay the liability arising from the guarantee, with her total liability exceeding her assets.

## Facts

Madhavi Suhas Doshi, the Applicant, is the Personal Guarantor to Autocop India Pvt. Ltd. Autocop India Pvt. Ltd. obtained loans from various banks, secured by guarantee agreements executed by the Applicant. Autocop India Pvt. Ltd. faced financial difficulties due to the impact of Covid-19, leading to a Corporate Insolvency Resolution Process initiated against it under CP(IB)No.2043(MB)/C-II/2018, with an order dated 2022-03-16. The Applicant, as the guarantor, is unable to pay the liability arising from the guarantee, with a total liability of Rs.72,81,97,713/- exceeding her assets. The Applicant filed a Company Petition under Section 94(1) of the Insolvency & Bankruptcy Code, 2016, seeking to initiate a bankruptcy process against herself. A copy of the petition

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## Issues and analysis

### Issue 1: Whether the petition for initiating Insolvency Resolution Process against the Personal Guarantor of …

**Ratio:** The court must determine if the petition meets all the requirements under the Insolvency

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**Reasoning:** The court observed that the petition was complete in all respects, indicating that all

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**Interpretation:** The completeness of the petition is a prerequisite for the court to proceed

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**Application:** In this case, the court found the petition to be complete, which allowed it to

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Madhavi Suhas…
- **Respondents:** Autocop India Pvt…
- **Advocates:** Aakash…; Muralidhar…

## Timeline

- **2022-03-16 — Order for CIRP against…**: An order was issued for the Corporate Insolvency Resolution Process against Autocop India…
- **2023-03-29 — Hearing…**: Order sheet of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94(1) — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

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