# In the matter of Solapur Janata Sahakari Bank Ltd Vs. Mukund Pandharinath Kulkarni, CP (IB)/275(MB)/2022

> NCLT judgment dated 2022-04-25. Citation: TCN-2022-NCLT-03108. The case involves a Company Petition filed by Solapur Janata Sahakari Bank Limited, the…

- **Court:** NCLT
- **Order date:** 25 Apr 2022
- **Citation:** TCN-2022-NCLT-03108
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/solapur-janata-sahakari-bank-ltd-vs-mukund-pandharinath-kulkarni-cp-a41a4095

## Summary

### Background

The case involves a Company Petition filed by Solapur Janata Sahakari Bank Limited, the Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantor to Corporate Debtors) Rules, 2019. The petition seeks to initiate a Personal Insolvency Resolution Process against Mr. Mukund Pandharinath Kulkarni, the Personal Guarantor, of M/S Shetkari Sakhar Karkhana (Chandrapuri) Limited, the Corporate Debtor. The Corporate Debtor is already undergoing CIRP vide order dated 14.01.2019.

## Facts

Solapur Janata Sahakari Bank Limited, the Financial Creditor, filed a Company Petition under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate a Personal Insolvency Resolution Process against Mr. Mukund Pandharinath Kulkarni, the Personal Guarantor of M/S Shetkari Sakhar Karkhana (Chandrapuri) Limited, the Corporate Debtor. The Corporate Debtor is already undergoing CIRP. The demand notice was successfully delivered to the Personal Guarantor on 10.11.2021, and the petition and court notice were delivered on 06.12.2021 and 30.03.2022, respectively. The petition was found to be complete in all respects. Mr. Sanjay Shrivastava was appointed as the Resolution Professional (RP). The Financial Creditor was directed to make an advance payment

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## Issues and analysis

### Issue 1: Whether the requirements under Section 95 of the Insolvency and Bankruptcy Code, 2016, for …

**Ratio:** Section 95 of the Insolvency and Bankruptcy Code, 2016, outlines the procedure for

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**Reasoning:** The court noted that the demand notice was successfully delivered to the Personal

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**Interpretation:** Section 95 requires the creditor to demonstrate that a demand notice has been

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**Application:** In this case, the court found that the demand notice was duly served, and the

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## Parties

- **Judges:** KISHORE VEMULAPALL…; RAJESH S…
- **Appellants:** Solapur Janata…
- **Respondents:** Shetkari Sakhar…; Mukund Pandharinat…
- **Advocates:** Nutan P…

## Timeline

- **2019-01-14 — CIRP Ord…**: Corporate Debtor is into CIRP…
- **2021-11-10 — Demand Notice…**: Demand Notice dated 10.11.2021 was successfully delivered to the Personal Guarantor of…

## 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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