BENCH - I

Under Section 95 of the Insolvency & Bankruptcy Code, 2016 r/w Rule 7(2) of the Insolvency and Bankruptcy) (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to

Corporate Debtors) Rules, 2019.

In the matter of

Omkara Assets Reconstruction

Private Limited

...Applicant/Financial Creditor

Versus

Mr. Kiritkumar Maniyar

…Respondent/Personal Guarantor

Order Delivered on: 28.05.2025

Coram:

Sh. Prabhat Kumar Sh. Justice V.G Bisht

Hon’ble Member (Technical) Hon’ble Member (Judicial)

Appearances:

For the Petitioner/Financial Creditor :Learned Counsel, Charles D’souza

a/w Shreyansh Desai For the Respondent : Learned PCS Pramodkumar Ladda a/w CS Stuti For the Resolution Professional : Adv. Mily Ghoshal ORDER

1. The present petition is filed u/s. 95 of the Insolvency and Bankruptcy Code, 2016 (“Code") r/w Rule 7(2) of the Insolvency and Bankruptcy) (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 (“IBBI Rules”) by M/s Omkara Assets Reconstruction Private Limited (“Applicant/Financial Creditor”), for initiating insolvency resolution process against Mr. Kiritkumar Maniyar, (“Respondent/Personal Guarantor”) personal guarantor to M/s Vipu1 S Plasto Craft Private Limited (“Corporate debtor”) for the recovery of the total debt of Rs.33,77,80,167/- (Thirty Three Crores Seventy Seven Lakhs Eighty Thousand One hundred and Sixty Seven Only) as on 30.09.2023 inclusive of the interest.

Brief facts:

2. The Financial Creditor, Omkara Assets Reconstruction Private Limited, (CIN: U677OOTZ2O14PTC020353) is a company incorporated under the Companies Act, 1956, and registered as an Asset Reconstruction Company, under Section 3 of the SARFAESI Act, 2002, having its Corporate office at Kohinoor Square, 47th Floor, NC Kelkar Marg, RG Gadkari Chowk, Dadar West 400 028.

3. The Personal Guarantor, Mr. Kiritkumar Maniyar, is an Indian resident, having residential address at Flat No. 51, Aditya Residency, Mitramandal Chowk, Parvati, Pune - 471 O37.

4. The Corporate debtor, M/s. Vipul-S Plastocraft Private Limited (CIN:

U25209MH1997PTC111705) was incorporated on 05.11.1997, having its registered office at S. No. 14613 & 4, Tathawade, Taluka - Mulshi, District Pune. Therefore, this Bench has the jurisdiction to entertain and decide this Petition.

Submissions of the Petitioner:

5. The Corporate Debtor was initially banking with Thane Janata Sahakari Bank Limited (“TJSB”) who had sanctioned, granted and disbursed certain credit facilities to the Corporate Debtor, which were renewed and enhanced from time to time.

6. The repayment of the aforesaid facilities were secured inter alia amongst other securities by the Personal Guarantees dated 25.11.2008, 20.02.2010, 19.01.2011 and 18.11.2012 executed by the Respondent jointly with other Guarantors whereby the Respondent with other Guarantors had guaranteed the due repayment of the amount due and payable by Corporate debtor in case of default.

7. Subsequently, the accounts were classified as Non-Performing Assets (“NPA”) w.e.f. 31.03.2014, due to default committed by Corporate Debtor in repayment.

8. Thereafter, TJSB issued notice under Section 13(2) of SARFAESI Act, 2002 dated 27.06.2014 whereby the Corporate Debtor was called upon to pay an aggregate amount of Rs. 14,23,89,522/- due and payable as on 31.05.2014 with future interest and penal interest compounded monthly from 01.06.2014 till payment and or realization within the period stipulated in the notice.

9. In the interregnum this Tribunal vide order dated 11.03.2019 admitted the Corporate Debtor into CIRP in terms of Company Petition No. 1669 of

2018. TJSB filed its claim of Rs. 1947 lakhs and the same was duly admitted by the Resolution Professional on 12.04.2019.

10. Further, under an Assignment Agreement dated 28.01.2021, TJSB assigned the entire outstanding debts due and payable by the Corporate Debtor along with the underlying security, to and in favour of