# In the matter of Solapur Janata Sahakari Bank Ltd Vs. Sopanrao Tukaram Naranvar, CP (IB)/174(MB)/2022

> NCLT judgment dated 2022-09-20. Citation: TCN-2022-NCLT-01014. The Solapur Janata Sahakari Bank Limited, as the Financial Creditor, filed a Company Petition…

- **Court:** NCLT
- **Order date:** 20 Sept 2022
- **Citation:** TCN-2022-NCLT-01014
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/solapur-janata-sahakari-bank-ltd-vs-sopanrao-tukaram-naranvar-cp-0793cde7

## Summary

### Background

The Solapur Janata Sahakari Bank Limited, as the Financial Creditor, filed a Company Petition 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, seeking to initiate Personal Insolvency Resolution Process against Mr. Sopanrao Tukaram Naranvar, the Personal Guarantor of M/S Shetkari Sakhar Karkhana (Chandrapuri) Limited. The Corporate Debtor is already undergoing CIRP vide order dated 14.01.2019. The Demand Notice dated 10.11.2021 and the copy of the Petition as well as Court Notice were successfully delivered to the Personal Guarantor on 13.12.2021 & 16.03.2022.

## Facts

Solapur Janata Sahakari Bank Limited (Financial Creditor) filed a petition under Section 95 of the IBC against Sopanrao Tukaram Naranvar (Personal Guarantor) of M/S Shetkari Sakhar Karkhana (Chandrapuri) Limited. The Corporate Debtor, M/S Shetkari Sakhar Karkhana, is already undergoing CIRP since 14.01.2019. The Financial Creditor seeks to initiate Personal Insolvency Resolution Process against the Personal Guarantor. The Demand Notice dated 10.11.2021 and the petition copies were successfully delivered to the Personal Guarantor on 13.12.2021 and 16.03.2022. The petition is deemed complete in all respects. The court appointed Nitin Om Kothari as the Resolution Professional (RP) and directed an advance payment of Rs. 2,00,000/- to be paid by the Financial Creditor to

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## Issues and analysis

### Issue 1: Whether the petition for initiating Personal Insolvency Resolution Process against the Personal …

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

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**Reasoning:** The court observed that the Financial Creditor had successfully delivered the Demand

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**Interpretation:** The court interpreted Section 95 of the IBC and the related rules to mean that

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**Application:** The court applied the ratio to the facts by verifying that the Demand Notice

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## Parties

- **Judges:** Manoj Kumar…; KISHORE VEMULAPALL…
- **Appellants:** Solapur Janata…
- **Respondents:** M/S. Shetkari…; Sopanrao Tukaram…
- **Advocates:** Jesal S…

## Timeline

- **2019-01-14 — CIRP Ord…**: Corporate Debtor, M/S Shetkari Sakhar Karkhana (Chandrapuri) Limited, is admitted into…
- **2021-10-11 — Demand Noti…**: Demand Notice issued by the Financial…

## 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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