# In the matter of Punjab National Bank vs. Kotim Reddy Anitha

> NCLT judgment dated 2026-03-12. Citation: TCN-2026-NCLT-00293. Punjab National Bank (PNB) filed a petition under Section 95 of the IBC against Smt. Kotimreddy…

- **Court:** NCLT
- **Order date:** 12 Mar 2026
- **Citation:** TCN-2026-NCLT-00293
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/punjab-national-bank-vs-kotim-reddy-anitha-1b3d5db0

## Summary

### Background

Punjab National Bank (PNB) filed a petition under Section 95 of the IBC against Smt. Kotimreddy Anitha, the personal guarantor of M/s Variegate Projects Pvt. Ltd., the corporate debtor. PNB sought initiation of the Personal Insolvency Resolution Process (PIRP) against the personal guarantor.

## Facts

Punjab National Bank sanctioned credit facilities to Variegate Projects Pvt. Ltd. for Rs. 65 crores on 13-02-2012.

Smt. Kotimreddy Anitha provided a personal guarantee for the credit facilities extended to Variegate Projects Pvt. Ltd.

Variegate Projects Pvt. Ltd. defaulted in repayment, and the loan account was classified as NPA on 24.03.2016.

PNB issued a demand notice dated 09.05.2016 under the Securitization Act.

PNB filed OA No. 3501/2017 before the Debts Recovery Tribunal-II, Hyderabad, seeking recovery of Rs. 59,73,69,028.

The DRT passed a final order on 05.04.2019, allowing the application and issuing a Recovery Certificate.

The Corporate Debtor submitted OTS proposals vide letters dated 21-08-2021, 17-12-2021, and 22-08-2023.

…

## Issues and analysis

### Issue 1: Whether the statutory demand notice was …

**Ratio:** A deemed-service clause in the Guarantee Agreement stipulates that any notice sent by

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**Reasoning:** The statutory demand notice was dispatched by post to the address of the Respondent as

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**Interpretation:** Reliance is placed on the decision of the NCLAT in Paresh Rastogi v. Omkara

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**Application:** In view of the deemed-service clause, the statutory demand notice is deemed to

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Punjab National…
- **Respondents:** Variegate…; Kotim Reddy…
- **Other parties:** Anup Kumar…
- **Advocates:** Peri Ramak…

## Timeline

- **2012-02-13 — Sanction of Credit…**: Punjab National Bank sanctioned fund-based and non-fund-based credit limits of Rs. 65…
- **2016-03-24 — NPA Decla…**: The loan account of Variegate Projects Pvt. Ltd. was classified as a Non-Performing Asset…

## 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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