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 CANARA BANK ...Petitioner/Financial Creditor Versus DR. PADMANABHAN SHEKAR …Respondent/Personal Guarantor Order pronounced on 24.04.2026 Coram:

Prabhat Kumar Sushil Mahadeorao Kochey Member (Technical) Member (Judicial)

Appearances:

For the Applicant : Adv. Ojas Gole

ORDER

Brief facts:

1. The present petition is filed u/s. 95 (1) of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “IBC/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 The Canara Bank, (“hereinafter referred to as Petitioner/Financial Creditor”) for initiating insolvency process against Dr. Padmanabhan Shekar (“hereinafter referred to as Personal Guarantor/Respondent”) for outstanding debt of Rs. 2,63,16,55,309/- (Rupees Two Hundred and Sixty-Three Crore Sixteen Lakhs Fifty- Five Thousand Three Hundred and Nine Only) with further interest and charges payable. The Date of Default as specified in Part-III of the present petition is 30.11.2012.

2. The Petitioner is an Indian Public Sector Bank having its Head Office at 112, J.C. Road, Bengaluru – 560001, and inter alia, a branch office at SAM Branch, Canara Bank Building, 8^th Floor, Bandra Kurla Complex, Mumbai – 400051.

3. The Personal Guarantor, viz. Dr. Padmanabhan Shekhar having his address at Sai Vihar CHS Ltd., Plot No. 434-435, Sector- 1, Ghansoli, Navi Mumbai – 400701 and stood as the Guarantor for M/S. Micro Secure Solutions Pvt. Ltd. (hereinafter referred to as the “Corporate Debtor/ Principal Borrower”) to secure the credit facilities extended to the Corporate Debtor.

4. The Corporate Debtor was incorporated on 27.03.2007 bearing CIN U72300MH2007PLC169254 and has its registered address at D-4, First Floor, Udyog Sadan No 3 Seepz, MIDC Andheri (E), Mumbai, Maharashtra, India - 400093.

5. This Tribunal appointed Mr. Nitin om Kothari, having Insolvency Registration No. IBBI/IPA-001/IP-P-02310/2020-2021/13477, to act as the Resolution Professional in the present matter vide order dated 05.01.2026 and directed him to file report under section 99 of the Code within 10 days. Accordingly, the RP has filed IA (I.B.C)/1139/MB/2026 thereby placing his report on record on

20.03.2026 recommending rejection of the present petition.

6. In compliance with Section 99(2) of the Insolvency and Bankruptcy Code, 2016, the Resolution Professional issued letters dated 13.01.2026 and 30.01.2026 to the Personal Guarantor at his known addresses. Additionally, an email communication dated 30.01.2026 was also issued, seeking requisite information and documents for the purpose of preparation of the Report under Section 99 of the Code. It is further submitted that initially no response was received from the Personal Guarantor.

7. However, The Resolution Professional received the reply dated

30.01.2026 from Mr. Aditya Sekhar, son and legal heir of the Personal Guarantor, along with a Death Certificate evidencing that Dr. Padmanabhan Shekhar (Personal Guarantor) had expired on 29.01.2022, i.e., prior to the filing of the present Application under Section 95 of the Insolvency and Bankruptcy Code, 2016 on

25.09.2025.

8. The legal heir of personal guarantor has further attached the authentic copy of the Order dated 12.03.2014 passed by the Hon’ble Bombay High Court in Company Petition No. 602 of 2013, whereby the Official Liquidator was appointed in respect of the Corporate Debtor and its subsidiaries, and has also stated that the personal assets of the guarantors had been attached and sold in prior proceedings.

9. Pursuant to the Report of the Resolution Professional, the reply filed by the son/legal heir of the Personal Guarantor, and the De