# 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-00997. 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-00997
- **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-ad0fba3d

## 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. 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 petition and court notice were successfully delivered to the Personal Guarantor.

## 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. Sopanrao Tukaram Naranvar, who is the Personal Guarantor of M/S Shetkari Sakhar Karkhana (Chandrapuri) Limited. The Corporate Debtor, M/S Shetkari Sakhar Karkhana (Chandrapuri) Limited, is already undergoing Corporate Insolvency Resolution Process (CIRP) as per the order dated 14.01.2019. The Financial Creditor successfully delivered a demand notice dated 10.11.2021, the petition, and the court notice to the Personal Guarantor on 13.12.2021 and 16.03.2022. The petition is deemed complete in all respects. The court appointed Mr. Nitin Om Kothari

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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 IBC outlines the procedure for initiating insolvency resolution process

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**Reasoning:** The court noted that the Ld. Counsel for the Petitioner/Financial Creditor submitted that

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**Interpretation:** Section 95 of the IBC requires the successful delivery of a demand notice and

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**Application:** The court applied the ratio to the facts by noting that the demand notice and

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## Parties

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

## Timeline

- **2019-01-14 — CIRP Ord…**: Corporate Debtor M/S Shetkari Sakhar…
- **2021-10-11 — Demand N…**: Demand Notice issued to…

## 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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