NATIONAL COMPANY LAW TRIBUNAL

COURT NO. 1

ITEM No.202

CP(IB)/65(MP)2024

Proceedings under Section 94 IBC

IN THE MATTER OF:

Uma Gupta, Personal Guarantor to Shri Bhagwati Agro

Industries Pvt Ltd ........Applicant

Coram:

Hon’ble Shri Brajendra Mani Tripathi, Member (J)

Hon’ble Shri Man Mohan Gupta Member (T)

PRONOUNCEMENT OF ORDER

Delivered on 05/12/2025

The case is fixed for pronouncement of the order.

The order is pronounced in open Court vide separate sheet.

Sd/- Sd/-

MAN MOHAN GUPTA BRAJENDRA MANI TRIPATHI

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Deepti LRA

IN THE NATIONAL COMPANY LAW TRIBUNAL CP(IB) 65 OF 2024 (Under Section 94 of Insolvency and Bankruptcy Code,2016 read with Rule 6 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:

Uma Gupta, [Personal Guarantor to Shri Bhagwati Agro Industries Pvt. Ltd.]

Address: 21-B, Maa Durga Nagar, Navlakha, Indore, Madhya Pradesh – 452001 ........Applicant CORAM:

Shri, Brajendra Mani Tripathi, HON’BLE MEMBER (J)

Shri, Man Mohan Gupta, HON’BLE MEMBER (T)

APPEARANCE:

For the Applicant : Mr. Prashant Upadhyay, Adv. a.w.

Ms. Saloni Agnihotri, Adv.

For the RP : Ms. Apeksha Kekre For the FC : Mr. Rohit Dubey, Adv.

ORDER Deliver on: 05.12.2025

1. The present application has been filed by Uma Gupta, (Personal Guarantor).

on 26.10.2024 under section 94 of the Insolvency and Bankruptcy Code,2016, (hereinafter IBC,2016), read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules 2019) seeking initiation of the Insolvency resolution process against herself being the Personal Guarantor to the Corporate Debtor, M/s Shri Bhagwati Agro Industries Pvt Ltd.

2. The brief facts are that M/s Sammunati Agro Solutions Pvt. Ltd had sanctioned a trade facility of Rs. 2,50,00,000 to the Corporate Debtor M/s Shri Bhagwati Agro Industries Pvt. Ltd. vide sanction letter dated 10.02.2023 (Annexure P/1), and in consideration of the said facility the applicant, Uma Gupta executed a Deed of personal guarantee on 03.02.2023 and e-signed dated 09.02.2023 in relation to the said facility. A copy of the guarantee deed has been placed on record (Annexure P/2).

3. A Notice dated 09.10.2024 was issued by M/s Sammunati Agro solutions Pvt. Ltd. to the corporate debtor as well as the personal guarantors, recalling the trade facility sanctioned. the said notice reflects an outstanding amount of Rs. 2,70,97,433/- as on 30-09-2024 and states that it shall be treated as a notice to the guarantors, thereby invoking the personal guarantee executed by the Applicant. It further reserved Sammunati Agro Solutions Pvt. Ltd. right to initiate appropriate legal proceedings, including Arbitration or recovery action in the event of Non - payment. (Annexure P/3).

4. The Applicant has also placed on record the particulars of debts and creditors of the corporate Debtor M/s Shri Bhagwati Agro Industries Pvt. Ltd as detailed in (Annexure P/5) of the petition, showing the sanctioned facilities sanctioned to the Corporate Debtor, by Financial institutions including M/s Sammunati Agro Solutions Pvt. Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Kotak Mahindra Bank Ltd., and Sammunati Financial Intermediation Service Private Ltd.

5. From the particular furnished it is noted that default in repayment of facility extended by M/s Sammunati Agro Solutions Pvt. Ltd. occurred on 27.04.2024(date of default) with an outstanding of Rs. 2,70,97,433/- (unsecured short term loan) and default in respect of Sammunati Financial Intermediation service private Ltd., occurred on 25.06.2024 of Rs.1,26,77,397.28/-, (unsecured short term loan) and in the case of HDFC Bank Ltd. a Secured cash-credit limit showing an outstanding of Rs. 9,23,87,992.31 in which date of default is 30.04.2024, an unsecured business loan with an outstanding of Rs.28,42,085.55/-, another unsecured