# In the matter of Omkara Assets Reconstruction Pvt Ltd Vs. Mahesh Vasant Dabholkar, CP (IB)/47(MB)/2023

> NCLT judgment dated 2023-06-21. Citation: TCN-2023-NCLT-02856. The case involves a company petition filed by Omkara Assets Reconstruction Private Limited, the…

- **Court:** NCLT
- **Order date:** 21 Jun 2023
- **Citation:** TCN-2023-NCLT-02856
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/omkara-assets-reconstruction-pvt-ltd-vs-mahesh-vasant-dabholkar-cp-644822e1

## Summary

### Background

The case involves a company petition filed by Omkara Assets Reconstruction Private Limited, the Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate a Personal Insolvency Resolution Process against Mahesh Vasant Dabholkar, the Personal Guarantor. The Financial Creditor claims a total outstanding of ₹18,53,50,060/-.

## Facts

Omkara Assets Reconstruction Private Limited, the Financial Creditor, filed a company petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate a Personal Insolvency Resolution Process against Mahesh Vasant Dabholkar, the Personal Guarantor, due to an outstanding debt of ₹18,53,50,060/-. The Financial Creditor served a Demand Notice to the Personal Guarantor, and copies of the Company Petition and Court Notice were also served at the Guarantor's last known address. The Financial Creditor proposed Mr. Jayesh Natvarlal Sanghrajka as the Resolution Professional, who is registered with IBBI. The court found the petition complete and appointed Mr. Sanghrajka as the Resolution Professional, directing an advance payment of Rs.2,00,000/- by the

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor under Section 95 of the Insolvency and …

**Ratio:** Section 95 of the Insolvency and Bankruptcy Code, 2016, along with Rule 7(2) of the

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**Reasoning:** The court reasoned that the Financial Creditor had complied with the necessary

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**Interpretation:** Section 95 is interpreted to mean that once the procedural requirements of

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**Application:** The ratio and reasoning were applied to the facts of the case, where the

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Omkara Assets…
- **Respondents:** Mahesh Vasant…

## Timeline

- **2022-09-27 — Demand Noti…**: Demand Notice was successfully delivered upon the Personal Guarantor to the Corporate…
- **2023-06-21 — Hearing…**: Order sheet of the…

## 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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