# In the matter of Bank of Maharashtra vs. Nukala Savithri & Ors.

> NCLT judgment dated 2026-03-09. Citation: TCN-2026-NCLT-00269. Bank of Maharashtra filed a petition under Section 95 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 9 Mar 2026
- **Citation:** TCN-2026-NCLT-00269
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/bank-of-maharashtra-vs-nukala-savithri-ors-2a4905a6

## Summary

### Background

Bank of Maharashtra filed a petition under Section 95 of the Insolvency and 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 Debtor) Rules, 2019, seeking initiation of the Insolvency Resolution Process against Smt. Nukala Savithri, the Personal Guarantor of SVSVS Projects Private Limited, due to non-payment of Rs. 48,02,97,568.69/- as on 27.12.2018.

## Facts

Bank of Maharashtra sanctioned working capital facilities to SVSVS Projects Private Limited, aggregating to Rs. 50.50 Crores, which were subsequently revised.

Smt. Nukala Savithri executed a Deed of Guarantee in favor of the Bank of Maharashtra, undertaking to pay on demand all amounts payable by the Corporate Debtor.

The Corporate Debtor defaulted in repayment, and the loan account was classified as NPA on 27.12.2018.

The Bank issued a Demand Notice in Form B dated 31.07.2021 invoking the Personal Guarantee and calling upon Smt. Nukala Savithri to discharge the outstanding liability.

The Corporate Debtor is already undergoing CIRP in CP (IB) No. 19/7/2021, which was admitted by the Tribunal on 26.04.2021.

…

## Issues and analysis

### Issue 1: Whether the Deed of Guarantee is inadmissible …

**Ratio:** The Stamp Act does not render an unstamped or insufficiently stamped instrument void. The

…

**Reasoning:** The NCLT relied on the Hon'ble Supreme Court's judgment in Re: Interplay Between

…

**Interpretation:** Proceedings under Section 95 of the Code are summary in nature and not

…

**Application:** The NCLT held that the objection regarding stamp duty was misconceived and did

…

## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Bank of Mah…
- **Respondents:** M/s. SVSVS…; Nukala Sa…; +1 more
- **Other parties:** Murali Mohan…; V. Ramamoh…
- **Advocates:** Aishwarya…

## Timeline

- **2014-03-24 — Sanction…**: The Creditor is a Bank vide sanction letter dated 24.03.2014, working capital facilities…
- **2014-03-25 — Deed of Gua…**: Respondent No.1 executed a Deed of Guarantee…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-hyderabad/bank-of-maharashtra-vs-nukala-savithri-ors-2a4905a6