# In the matter of Solapur Janata Sahakari Bank Ltd Vs. Abhishek Satishchandra Sudarik, CP (IB)/296(MB)/2022

> NCLT judgment dated 2022-09-20. Citation: TCN-2022-NCLT-01008. The case involves a company petition filed by Solapur Janata Sahakari Bank Limited, the…

- **Court:** NCLT
- **Order date:** 20 Sept 2022
- **Citation:** TCN-2022-NCLT-01008
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/solapur-janata-sahakari-bank-ltd-vs-abhishek-satishchandra-sudarik-cp-f3b7608d

## Summary

### Background

The case involves a company petition filed by Solapur Janata Sahakari Bank Limited, the Financial Creditor, under Section 95 of the Insolvency & Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate Personal Insolvency Resolution Process (CIRP) against Mr. Abhishek Satishchandra Sudarik, the Personal Guarantor of M/S. Shetkari Sakhar Karkhana (Chandrapuri) Limited. The Financial Creditor issued a demand notice on 10.11.2021, which was served to the Personal Guarantor.

## Facts

Solapur Janata Sahakari Bank Limited, the Financial Creditor, filed a company petition under Section 95 of the Insolvency & Bankruptcy Code, 2016, to initiate Personal Insolvency Resolution Process (CIRP) against Mr. Abhishek Satishchandra Sudarik, the Personal Guarantor of M/S. Shetkari Sakhar Karkhana (Chandrapuri) Limited, the Corporate Debtor. The Financial Creditor issued a demand notice on 10.11.2021, which was served to the Personal Guarantor. The Corporate Debtor is already undergoing CIRP vide order dated 14.01.2019. The Personal Guarantor opposes the appointment of a Resolution Professional (RP). The court issued a notice dated 21.03.2022, which was served to the Personal Guarantor on 30.03.2022. The petition is complete in all respects, and the court

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## Issues and analysis

### Issue 1: Whether an opportunity can be given to the Personal Guarantor before the appointment of Resolution …

**Ratio:** The usual practice under Section 95 of the Insolvency and Bankruptcy Code is that once

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**Reasoning:** The court follows the established procedure under Section 95, which involves appointing a

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**Interpretation:** Section 95 of the Insolvency and Bankruptcy Code outlines the process for

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**Application:** The court applied the standard practice under Section 95 by appointing a

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## Parties

- **Judges:** Manoj Kumar…; KISHORE VEMULAPALL…
- **Appellants:** Solapur Janata…
- **Respondents:** M/S. Shetkari…; Abhishek Satishcha…

## Timeline

- **2019-01-14 — Corporate Debtor into…**: M/s Shetkari Sakhar Karkhan (Chadrapur) Limited, the Corporate Debtor, is into CIRP vide…
- **2021-11-10 — Demand Notice…**: Financial Creditor issued demand notice…

## 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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