# In the matter of Sanvi Services Through its Proprietor Nishikant Baburao Zunje vs. Chaitanya Sheth

> NCLT judgment dated 2024-10-07. Citation: TCN-2024-NCLT-00474. The case involves a company petition filed under Section 95(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 7 Oct 2024
- **Citation:** TCN-2024-NCLT-00474
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sanvi-services-through-its-proprietor-nishikant-baburao-zunje-vs-chaitanya-sheth-001a0b71

## Summary

### Background

The case involves a company petition filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, by a financial creditor against a personal guarantor of a corporate debtor for the initiation of the Insolvency Resolution Process.

## Facts

M/S. SANVI SERVICES THROUGH ITS PROPRIETOR MR. NISHIKANT BABURAO ZUNJE, as the financial creditor, filed a company petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Mr. Chaitanya Sheth, who is the personal guarantor of the corporate debtor. The petition sought to initiate the Insolvency Resolution Process against the personal guarantor. The financial creditor's counsel brought to the bench's attention a demand notice dated March 2, 2024 , which invoked the guarantee against the respondent. The counsel also presented proof of the demand notice and the deed of guarantee, which covered all facilities executed by the personal guarantor in favor of the applicant bank. Following a default by the corporate debtor, the petitioner invoked the

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## Issues and analysis

### Issue 1: Whether the company petition filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, …

**Ratio:** The company petition was found to be

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**Reasoning:** The Bench considered the submissions made by the counsel for the Financial

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**Interpretation:** The court interpreted the requirements of Section 95(1) of the Insolvency and

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**Application:** Based on the completeness of the petition and supporting documents, the NCLT

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## Parties

- **Judges:** V.G. B…; Prabhat…; +2 more
- **Appellants:** SANVI SERVICES…; Sanvi Services…; +1 more
- **Respondents:** CHAITANYA…
- **Advocates:** Amit Ars…; For the petitioner…

## Timeline

- **March 2, 2024 — Demand Notice…**: The Financial Creditor issued a demand notice invoking the personal guarantee against the…
- **October 7, 2024 — Hearing and…**: The NCLT heard the counsel, considered the petition, and issued an order appointing a…

## 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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