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

2019.

In the matter of

Nestler Limited

...Petitioner/Financial

Creditor

Versus

Sanjay Vashishthmuni

Dhusiya

…Respondent/Personal

Guarantor

Order pronounced on 12.11.2025

Coram:

Prabhat Kumar Sushil Mahadeorao Kochey

Member (Technical) Member (Judicial)

Appearances:

For the Applicant : -

For the Respondent : None

For the Resolution Professional : Mr. Ravi Prakash Ganti, RP

ORDER

Brief facts:

1. The present petition is filed u/s. 95 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC, 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 by Nestler Limited (“hereinafter referred to as Petitioner/Financial Creditor”) for initiating insolvency resolution process against Sanjay Vashishthmuni Dhusiya (“hereinafter referred to as Personal Guarantor/Respondent”) for outstanding debt of Rs. 2,12,40,348/- (Rupees Two Crore Twelve Lac Forty Thousand Three Hundred Forty Eight only) as on 31.05.2025. The Date of Default, as specified in Part-III of the present petition is

16.05.2023.

2. The Petitioner bearing U2813lMH1960PLC0l1641 was incorporated on 12/04/1960 has its registered office at 201, New Bharat Building Ghodapdeo Cross Road 1, Byculla East, Mumbai City, Mumbai, Maharashtra, India, 400033. Its authorized capital is Rs. 25,00,000/.

3. The Personal Guarantor, viz. Sanjay Vashishthmuni Dhusiya having his address at 1006, Estella 2, C Wing, J P North Garden City, Ghodbunder Road, Vinay Nagar, Near RNA VIVA, Mira Bhayander, PO: Mira Road, Dist: Thane, Maharashtra — 401107 stood as the Guarantor for M/s. Apex Iron (India) Private Limited (hereinafter referred to as the “Corporate Debtor/ Principal Borrower”) to secure the credit facilities extended to the Corporate Debtor.

4. The Corporate Debtor is a company registered under Companies Act, 1956 with its CIN U74999MH2016PTC288430 and having its registered office address at 701/C, Kailash Tower, Vallabh Baug, Plot no. 353, Ghatkopar E (East), Mumbai City, Mumbai, Maharashtra, India, 400071. Its authorized and paid up capital is Rs. 50,00,000. It was engaged in the business of manufacture of steam generators, except central heating hot water boilers.

Submissions of the Petitioner:

5. The Corporate Debtor had by and under a Deed of Assignment dated

16.05.2022 (“said Assignment Deed”) executed between one Amistad Pharmachem Private Limited (being the Borrower), the Corporate Debtor (being the Debtor/Assignee) and the Financial Creditor (being the Assignor), the Assignor assigned all its right, title and interest in the financial facility availed by the Borrower from the Financial Creditor to the Corporate Debtor, thereby obligating the Corporate Debtor to pay the debt originally due from the Borrower.

6. As per the terms of the said Assignment Agreement, the assigned outstanding unsecured debt of Rs. 1,25,50,000/- (Rupees One Crore Twenty Five Lacs Fifty Thousand Only) was recoverable and repayable by the Corporate Debtor to the Financial Creditor within a period of one year from date of execution of the said Deed of Assignment dated 16th May, 2022 (i.e. 15th May, 2023) after deducting 15% from the assigned amount. As per the terms of the said Assignment Agreement, if the Corporate Debtor fails to recover or repay the assigned debt within the time frame of one year it shall be liable to repay entire assigned debt through its own source of fund to the Financial Creditor alongwith 18% interest per annum from the date of this assignment.

7. In order to secure the said transaction / loan, a Personal Guarantee Deed dated 16th May, 2022 was also executed in favor of the Financial Creditor by the Respondent herein along with one more