# Central Bank Of India vs. Sanjay Tanaji Bhade

> NCLT judgment dated 2026-10-16. Citation: TCN-2026-NCLT-01258. Central Bank of India (Financial Creditor) filed a petition under Section 95(1) of the…

- **Court:** NCLT
- **Order date:** 16 Oct 2026
- **Citation:** TCN-2026-NCLT-01258
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/central-bank-of-india-vs-sanjay-tanaji-bhade-ycz47

## Summary

### Background

Central Bank of India (Financial Creditor) filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) against Mr. Sanjay Tanaji Bhade (Personal Guarantor) of M/s. Innoventive Industries Limited (Corporate Debtor). The petition sought to initiate the Insolvency Resolution Process against the personal guarantor for a debt of Rs. 188,98,55,733.00. The debt arose from fund-based and non-fund-based credit facilities sanctioned to the Corporate Debtor, which were later restructured under a Master Restructuring Agreement (MRA) dated 09.09.2014. The repayment of these facilities was secured by a Deed of Personal Guarantee dated 30.06.2014 and an Agreement of Guarantee dated 09.09.2014, executed by the Respondent and others. The Corporate Debtor

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## Facts

Central Bank of India (Petitioner/Financial Creditor) filed a petition under Section 95(1) of the IBC against Mr. Sanjay Tanaji Bhade (Respondent/Personal Guarantor).

The petition seeks initiation of the Insolvency Resolution Process against Mr. Sanjay Tanaji Bhade, Personal Guarantor of M/s. Innoventive Industries Limited (Corporate Debtor).

The debt amounts to Rs. 188,98,55,733.00 as on 08.12.2017, the date of commencement of liquidation of the Principal Borrower.

The Petitioner had sanctioned various fund-based and non-fund-based credit facilities to the Principal Borrower from time to time since 23.11.2009.

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## Issues and analysis

### Issue 1: Whether the personal guarantee given by the Respondent was limited only to the CDR facilities and …

**Ratio:** The guarantee was a continuing one, securing restructured existing facilities, and the

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**Reasoning:** Clause B of the Agreement of Guarantee states that the lenders 'reconstituted the

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**Interpretation:** The express terms of the guarantee instrument govern its scope and duration. A

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**Application:** The Respondent's contention that the guarantee was distinct from the original

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## Parties

- **Judges:** SH. VINAY…; SH. CHARANJEET…
- **Appellants:** Central Bank of…
- **Respondents:** M/s. Innoventive…; Sanjay Tanaji…
- **Other parties:** Committee of…; Chandu C…; +5 more
- **Advocates:** Nausher…; Anushka B…; +5 more

## Timeline

- **2009-11-23 — Sanction of Credit…**: Petitioner sanctioned various fund-based and non-fund-based credit facilities to the…
- **2014-06-30 — CDR Sanction Letter &…**: Petitioner's sanction letter for Corporate Debt Restructuring (CDR) issued; Deed of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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