ORDER

[PER: SANJIV DUTT, MEMBER (TECHNICAL)]

1. BACKGROUND

1.1 The present Application has been filed by Bank of Maharashtra (hereinafter referred to as "the Financial Creditor") on 11.05.2023 in the prescribed Form ‘C’ under Section 95(1) and Section 60(2) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as "the Code") 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 (hereinafter referred to as "PG to CD Rules") seeking initiation of the insolvency resolution process against Mrs. Kavita Ninad Mestry (hereinafter referred to as "Personal Guarantor/Respondent") being personal guarantor to M/s Autocrat Automotive Stamping Private Limited, the Corporate Debtor.

1.2 The Corporate Debtor availed Term Loan facility of Rs.3.75 Crore and Cash Credit Facility of Rs.1.25 Crore from the Financial Creditor in the year 2013. The Respondent being one of the Directors to the Corporate Debtor had provided personal guarantee against the Credit Facility extended to the Corporate Debtor.

1.3 The total outstanding debt including interest and penalties is