Under Section 95(1) 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

...Applicant/Financial

Creditor

Versus

Dhanesh Popatlal Dedhia

…Respondent /

Personal Guarantor

Order pronounced on

05.12.2025

Coram:

Sh. Prabhat Kumar Sh. Sushil Mahadeorao Kochey

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

Appearances:

For the Resolution Professional : Adv. Darshit Dave ORDER

1. The present Petition is filed u/s 95(1) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC”) r/w Rule 7 (2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019 by Apex Iron (India) Private Limited (hereinafter referred to as “Financial Creditor”) for the purpose for initiating Insolvency Resolution Process against Dhanesh Popatlal Dedhia (hereinafter referred to as “Personal Guarantor”) for default of Rs. 2,31,76,339/- (Rupees Two Crores Thirty One Lakhs Seventy Six Thousand Three Hundred and Thirty Nine Only). The Date of Default as specified in Part III of the present Petition is 31.07.2023 for the Personal Guarantor. The present Petition is filed on 06.09.2025.

2. The Financial Creditor Apex Iron (India) Private Limited having it office address at 701/C Kailash Tower, Vallabh Baug Plot no. 353 Ghatkopar (East) Mumbai Maharashtra India, 400071. The present Petition has been filed through its Authorized Signatory Mr. Pinkesh Suresh Mehta.

3. The Personal Guarantor, viz. Dhanesh Popatlal Dedhia having his address at 3^rd Floor 301 Pratham Plaza Plot No. 28 Tulsi Building Sector -9 Navi Mumbai, Aroli, Maharashtra 400708 is the Personal Guarantor for M/s Laksh Mercantile Private Limited (hereinafter referred to as the “Corporate Debtor/Principal Borrower”) who stood as Personal Guarantor for the loan facility extended to the Corporate Debtor.

4. The Corporate Debtor M/s Laksh Mercantile Private Limited is a private limited company bearing CIN No. U51109MH2007PTCl76501, having registered office address at Flat No. 603-604, 6th Floor, Building No. 1b, Shivalik Tower Chsl,Thakur Complex, Kan, Divali (E), Mumbai City, Mumbai, Maharashtra, India, 400101. It has authorized share capital of Rs. l,00,00,000 /- and paid up capital of Rs. l,00,00,000/-.

Submission by the Financial Creditor: -

5. The Corporate Debtor was engaged in the business of wholesale trading of iron and steel. The Corporate Debtor (being the Debtor/Assignee), the Financial Creditor (being the Assignor) and Bharati Automobile Private Limited (being the Borrower) have executed the deed of assignment (hereinafter referred to as “Deed of Assignment”) dated 01.08.2022.

6. As per the terms of the Deed of Assignment, the Corporate Debtor discharge the assigned unsecured debt of 1,35,00,000/- (Rupees One Crore Thirty Five Lakhs Only) repayable to the Financial Creditor within a period of twelve months i.e. on or before 31.07.2023 from the date of execution of the Deed of Assignment, after deducting 20% from the assigned amount. Further, if the Corporate Debtor fails to repay or recover the assigned debt within the period of six month, it shall be liable to repay entire assigned debt through its own source of fund to the Financial Creditor along with 18% interest per annum from the date of this assignment.

7. The aforesaid loan/transaction was secured by the deed of guarantee (hereinafter referred to as “Deed of Guarantee”) dated 01.08.2022 executed by the Personal Guarantor Mr.

Dhanesh Popatlal Dedhia in favour of the Financial Creditor.

8. The Corporate Debtor as well as the Personal Guarantor failed to repay the outstanding dues as by 01.07.2023. Thereafter, the Financial Creditor issued a first demand notice 15.08.2023 to the Corporate Debtor. The Corporate Debtor admi