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

Apex Iron (India) Private

Limited

...Petitioner/Financial

Creditor

Versus

Mrs. Harishree Mehta

Panigrahi

…Respondent/Personal

Guarantor

Order pronounced on 05.12.2025

Coram:

Prabhat Kumar Sushil Mahadeorao Kochey

Member (Technical) Member (Judicial)

Appearances:

For the Applicant : Mr. Raj Dani, Ld. Counsel

For the Respondent : -

For the Resolution Professional : Mr. Darshit Dave, Ld. Counsel

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 Apex Iron (India) Private Limited (“hereinafter referred to as Petitioner/Financial Creditor”) for initiating insolvency resolution process against Mrs. Harishree Mehta Panigrahi (“hereinafter referred to as Personal Guarantor/Respondent”) for outstanding debt of Rs. 2,31,76,339/- (Rupees Two Crore Thirty One Lacs Seventy Six Thousand Three Hundred Thirty Nine Only) as on 30.06.2025. The Date of Default, as specified in Part-III of the present petition is 01.08.2023.

2. The Petitioner bearing CIN U74999MH2016PTC288430 was incorporated on 13.12.2016 has its registered office at 701 /C, Kailash Tower, Vallabh Baug Plot no. 353, Ghatkopar (East), Mumbai, Maharashtra, India - 400071. Its authorized and paidup capital is Rs.50,00,000/-.

3. The Personal Guarantor, viz. Mrs. Harishree Mehta Panigrahi having her address at Plot No. 593, Buda Scheme No. 13, T V Centre, Belgaum, Belagavi, Karnataka - 590001 stood as the Guarantor for M/s. Laksh Mercantile 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 U51l09MH2007PTC176501 and having its registered office address at Flat No. 603-604, 6^th Floor, Building No. 1B, Shivalik Tower CHSL, Thakur Complex, Kan, Divali (E), Mumbai City, Maharashtra, India, 400101. Its authorized and paid up capital is Rs.1,00,00,000/-. It was engaged in the business of wholesale trading of iron and steel.

Submissions of the Petitioner:

5. By virtue of a Deed of Assignment dated 01^st August 2022 (“said Assignment Agreement”), executed between (i) Bharati Automobiles Private Limited (the Borrower), (ii) the Corporate Debtor (the Debtor/Assignee), and (iii) the Financial Creditor (the Assignor), the Assignor duly assigned and transferred all its right, title, interest, and benefits in respect of the financial facilities availed by the Borrower, in favour of the Corporate Debtor vide which the Corporate Debtor undertook to discharge the assigned unsecured debt of Rs. 1,35,00,000/- (Rupees One Crore Thirty-Five Lakhs only), repayable to the Financial Creditor within a period of twelve months from the date of execution of the Deed of Assignment, i.e., on or before 31^st July

2023, after deducting 20% from the assigned amount.

6. It was expressly stipulated under the said Assignment Agreement that in the event the Corporate Debtor failed to recover or repay the assigned debt within the period of six months, it would be personally liable to repay the entire assigned debt from its own sources of funds to the Financial Creditor, together with interest @18% per annum, calculated from the date of execution of the said Assignment.

7. In furtherance of the said obligations, a Deed of Personal Guarantee dated 01^st August 2022 (“said Guarantee Deed”) was executed by the Respondent, in favour of the Financial Creditor, guaranteeing repayment of the assigned debt and securing the obligations of the Co