# Deepesh Deepak Kolge vs. Vaishya Sahakari Bank Limited & Union Bank of India

> NCLT judgment dated 2026-10-13. Citation: TCN-2026-NCLT-01235. Deepesh Deepak Kolge, a personal guarantor for multiple corporate debtors (Arogyam Medihub…

- **Court:** NCLT
- **Order date:** 13 Oct 2026
- **Citation:** TCN-2026-NCLT-01235
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/deepesh-deepak-kolge-a79r3

## Summary

### Background

Deepesh Deepak Kolge, a personal guarantor for multiple corporate debtors (Arogyam Medihub Private Limited, Fresh Grind Foods, and AV Plus Pharma Private Limited), filed a Company Petition under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process for himself. The corporate debtors had defaulted on credit facilities availed from Vaishya Sahakari Bank Limited and Union Bank of India, leading to the invocation of Mr. Kolge's personal guarantees and subsequent SARFAESI proceedings.

## Facts

Mr. Deepesh Deepak Kolge (Petitioner/Personal Guarantor) filed a Company Petition on 06.08.2026 under Section 94 of the IBC, 2016, seeking initiation of the Insolvency Resolution Process for himself.

The petition relates to credit facilities availed by M/s Arogyam Medihub Private Limited (Corporate Debtor) from Vaishya Sahakari Bank Limited (Financial Creditor).

Arogyam Medihub Private Limited availed a mortgage loan of Rs.1,70,00,000/- from Vaishya Sahakari Bank Limited under sanction dated 16.03.2024.

The Petitioner furnished a personal guarantee for Arogyam Medihub Private Limited by executing a Deed of Guarantee dated 22.03.2024.

Arogyam Medihub Private Limited's debt was declared Non-Performing Asset (NPA) on 18.07.2025.

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## Issues and analysis

### Issue 1: Whether the application filed by the personal guarantor under Section 94 of the IBC, 2016, for …

**Ratio:** The NCLT found that the application substantially complied with the statutory

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**Reasoning:** The Resolution Professional's report confirmed the existence of financial debt, the

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**Interpretation:** Section 94 of the IBC allows a personal guarantor to initiate an insolvency

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**Application:** The NCLT, relying on the RP's findings and the documents on record, applied

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Deepesh Deepak…
- **Respondents:** Arogyam Medihub…; Fresh Grind…; +3 more
- **Other parties:** Sahil Shanker…
- **Advocates:** Jenil…; Nemi Bh…; +2 more

## Timeline

- **2023-01-30 — Guarantee for AV Plus…**: Deepesh Deepak Kolge furnished a personal guarantee for credit facilities availed by M/s…
- **2024-03-16 — Loan Sanction by Vaishya…**: Vaishya Sahakari Bank Limited sanctioned a mortgage loan of Rs.1,70,00,000/- to M/s…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94 — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

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