# Yes Bank Ltd. vs. Mr. Anil Madan

> NCLT judgment dated 2026-10-12. Citation: TCN-2026-NCLT-01240. Yes Bank Ltd. (Financial Creditor) filed a petition under Section 95(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 12 Oct 2026
- **Citation:** TCN-2026-NCLT-01240
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-principal-bench/yes-bank-ltd-vs-anil-madan-ys96l

## Summary

### Background

Yes Bank Ltd. (Financial Creditor) filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) against Mr. Anil Madan (Personal Guarantor) of M/s Johnson Watch Company Private Limited (Corporate Debtor) to initiate the Personal Insolvency Resolution Process (PIRP). The Corporate Debtor had availed various credit facilities from Yes Bank Ltd. and subsequently defaulted, leading to its account being classified as a Non-Performing Asset (NPA). Demand notices, including one under Section 13(2) of the SARFAESI Act and a Form B notice under Rule 7(1) of the Rules, were issued to the Corporate Debtor and the personal guarantors. An application under Section 9 of the Code was also admitted against the Corporate Debtor. Mavent Restructuring Services

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## Facts

Yes Bank Ltd. (Petitioner/Financial Creditor) filed a petition under Section 95(1) of the IBC, 2016, against Mr. Anil Madan (Respondent/Personal Guarantor).

Mr. Anil Madan is a personal guarantor for M/s Johnson Watch Company Private Limited (Corporate Debtor/Principal Borrower).

The Corporate Debtor approached Yes Bank Limited for various credit facilities, including a Cash Credit Facility of Rs. 14,00,00,000.00/- vide Facility Letter dated 20.06.2013 and Master Facility Agreement dated 28.06.2013.

The Cash Credit Limit was increased to Rs. 32,00,00,000/- and later reduced to Rs. 25,50,00,000/- on 2nd December, 2022.

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## Issues and analysis

### Issue 1: Whether there was a valid invocation of the guarantee, and the default on part of the PG has been …

**Ratio:** A notice issued under Section 13(2) of the SARFAESI Act, 2002, can constitute a valid

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**Reasoning:** The Adjudicating Authority referred to NCLAT judgments in Ujwal Gupta v. Union Bank of

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**Interpretation:** The court interpreted the legal precedents to mean that a specific demand for

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**Application:** The PG's objection that the 24.05.2023 notice was not received and that the

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## Parties

- **Judges:** ANUPINDER SINGH…; RAVINDRA CHATURVED…
- **Appellants:** Yes Bank…; Mavent Restructuri…
- **Respondents:** M/s Johnson Watch…; Anil M…
- **Other parties:** M/s Swiss…
- **Advocates:** Anand Shank…; Nandika K…; +8 more

## Timeline

- **2013-06-20 — Credit Facility…**: Cash Credit Facility of Rs. 14,00,00,000.00/- sanctioned to Corporate Debtor via Facility…
- **2013-06-28 — Agreements and…**: Master Facility Agreement and Deeds of Personal Guarantees executed by Mr. Anil Madan,…

## 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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