# In the matter of Punjab National Bank (International) Limited vs. Dileep Thakurdesai

> NCLT judgment dated 2024-10-30. Citation: TCN-2024-NCLT-00317. Punjab National Bank (International) Limited filed a Company Petition (IB) No. 267 of 2023…

- **Court:** NCLT
- **Order date:** 30 Oct 2024
- **Citation:** TCN-2024-NCLT-00317
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/punjab-national-bank-international-limited-vs-dileep-thakurdesai-c57ec86e

## Summary

### Background

Punjab National Bank (International) Limited filed a Company Petition (IB) No. 267 of 2023 under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, to initiate the Personal Insolvency Resolution Process against Mr. Dileep Thakurdesai, the Personal Guarantor of Steadfast Shipping Private Limited (Corporate Debtor). The bank had extended a secured term loan to the Corporate Debtor, which defaulted on its repayment obligations. The facility was secured by a first charge on the acquired vessels, a debenture on fixed and floating assets, and a personal guarantee from Mr. Thakurdesai.

## Facts

Punjab National Bank (International) Limited extended a secured term loan to Steadfast Shipping Private Limited (Corporate Debtor) for USD 5.0 Million, sanctioned on 2011-12-19. The loan was secured by a first charge on acquired vessels, a debenture on fixed and floating assets, and a personal guarantee from Mr. Dileep Thakurdesai. The Corporate Debtor defaulted on repayments, with the first installment due on 2012-11-27 and the last on 2019-02-27. The account was declared a Non-Performing Asset on 2014-11-30. The Petitioner initiated recovery proceedings in the High Court of Justice (England and Wales) and the Debts Recovery Tribunal in Mumbai. The Corporate Debtor acknowledged its liability from 2014-2017 and proposed a rescheduling of the facility. The Petitioner

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## Issues and analysis

### Issue 1: Whether the application for initiating insolvency resolution process against the Personal Guarantor …

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

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**Reasoning:** The court considered the provisions of Section 95 of the IBC and the facts presented by

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**Interpretation:** Section 95 is interpreted to provide a mechanism for creditors to recover debts

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**Application:** The court applied Section 95 to the facts of the case, noting that the

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Punjab National…
- **Respondents:** Steadfast…; Dileep Thak…

## Timeline

- **2011-12-19 — Sanction…**: Punjab National Bank sanctioned a term loan of USD 5.0 Million to Steadfast Shipping…
- **2012-02-10 — Loan Facility…**: Loan Facility Agreement was executed between Punjab National Bank and Steadfast Shipping…

## 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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