# SAMATA NAGARI SAHKARI PATSANSTHA MARYADIT vs. SHRI SATISH SURESH SAWAI

> NCLT judgment dated 2026-07-08. Citation: TCN-2026-NCLT-00777. Samata Nagari Sahkari Patsanstha Maryadit (Financial Creditor) filed a petition under Section…

- **Court:** NCLT
- **Order date:** 8 Jul 2026
- **Citation:** TCN-2026-NCLT-00777
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/samata-nagari-sahkari-patsanstha-maryadit-vs-shri-satish-suresh-sawai-ed3ao

## Summary

### Background

Samata Nagari Sahkari Patsanstha Maryadit (Financial Creditor) filed a petition under Section 95(1) of the IBC, 2016, against Shri Satish Suresh Sawai (Personal Guarantor) for a default of Rs. 1,98,07,160/-. The default stemmed from a Working Capital Cash Credit Facility extended to SS Cott Gin Private Limited (Corporate Debtor), for which Shri Satish Suresh Sawai had provided a personal guarantee. The debt became due and default occurred on May 23, 2024.

## Facts

The Company Petition was filed on 16.03.2026 under Section 95(1) 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 Debtors) Rules, 2019.

The Applicant, Samata Nagari Sahkari Patsanstha Maryadit, is a Financial Creditor.

The Respondent, Shri Satish Suresh Sawai, is the Personal Guarantor.

The default amount is Rs. 1,98,07,160/- as on 23.05.2024.

The default amount comprises principal outstanding, interest (Rs. 12,33,052/-), accrued interest (Rs. 1,62,190/-), penalty interest (Rs. 23,170/-), and legal expenses (Rs. 3,790/-).

The debt became due and the default occurred on 23.05.2024.

…

## Issues and analysis

### Issue 1: Whether there exists a financial debt, a valid personal guarantee, and a default in repayment by …

**Ratio:** The Tribunal found sufficient evidence of a financial debt, a valid Deed of Personal

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**Reasoning:** The Financial Creditor sanctioned a Working Capital Cash Credit Facility to the Corporate

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**Interpretation:** Section 5(22) of the IBC, 2016, defines 'personal guarantor' as an individual

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**Application:** The facts presented, including the loan agreement, the Deed of Personal

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** SAMATA NAGARI…
- **Respondents:** SS Cott Gin…; SATISH SURESH…
- **Other parties:** Vinit Ga…
- **Advocates:** Adv Vinita…; Adv Vinit G…

## Timeline

- **1986-03-20 — Incorporation of…**: Samata Nagari Sahkari Patsanstha Maryadit (Applicant) was incorporated as a Co-operative…
- **2023-07-01 — Loan Application by…**: SS Cott Gin Private Limited (Corporate Debtor) applied for renewal of Working Capital…

## 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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