ORDER

Brief facts:

1. The present Company Petition has been filed on 9.6.2025 by Mrs. Vandana Ravindra Chaudhari (hereinafter referred to as the “Petitioner” or the “Personal Guarantor”), who is the Personal Guarantor to the Corporate Debtor, namely Heera Ind Trading Pvt. Ltd. (hereinafter referred to as the “Corporate Debtor” or the “Principal Borrower”), under Section 94 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “the Code”) read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 (hereinafter referred to as “the Rules”), seeking initiation of the Insolvency Resolution Process against herself in the capacity of Personal Guarantor to the Corporate Debtor.

2. The Petitioner is an Indian resident residing at Flat No. 201, EL Castillo, Plot No. 23, Sector 6, Palm Beach Road, Nerul West, Navi Mumbai, Nerul Node–3, Thane, Maharashtra – 400706.

3. It is submitted that the Petitioner has executed personal guarantees in favor of the lenders of the Corporate Debtor, namely Heera Ind Trading Pvt. Ltd., a company limited by shares and incorporated on 03.04.2012 under the provisions of the Companies Act, bearing CIN: U52100MH2012PTC230417 and having its registered office at CSN 570/A, Krida Bhavan, Nandurbar, Nandurbar, Maharashtra – 424001.

4. As stated in Part III of the Petition, the total amount claimed to be in default is Rs. 49,33,11,763.61/- (Rupees Forty-Nine Crore Thirty-Three Lakhs Eleven Thousand Seven Hundred Sixty-Three and Sixty-One Paise only.

Submissions of the Petitioner:

5. It is submitted that the Respondent Bank had sanctioned various credit facilities in favour of the entities forming part of the Heera Group of Companies, including the following facilities:

(i) Cash Credit (Takeover) facility of Rs. 40,00,00,000/- sanctioned on 26.08.2019 in favour of Heera Ind Trading Pvt. Ltd.;

(ii) Covid Emergency Line facility of Rs. 4,00,00,000/- sanctioned on 24.07.2020 in favour of Heera Ind Trading Pvt. Ltd.;

(iii) Working Capital Term Loan facility of Rs. 7,40,00,000/- sanctioned on 24.11.2021 in favour of Heera Ind Trading Pvt. Ltd.;

(iv) UGECL Term Loan facility of Rs. 1.28 Crores sanctioned on 28.05.2021 in favour of Heera Hospitality Pvt. Ltd.;

(v) Cash Credit (Takeover) facility of Rs. 45,00,00,000/- sanctioned on 26.08.2019 in favour of Pratham Heera Sales Pvt. Ltd.; and

(vi) UGECL Term Loan facility of Rs. 9,00,00,000/- sanctioned on 24.11.2021 in favour of Pratham Heera Sales Pvt. Ltd.

6. The Petitioner has further submitted that the authorised signatories of the Heera Group of Companies had executed the requisite security and loan documents on behalf of the respective companies in the years 2019 and 2021 in respect of the aforesaid credit facilities.

7. It is submitted that the Personal Guarantor had executed a Deed of Guarantee dated 27.09.2019 in favour of Union Bank of India, thereby guaranteeing repayment of the credit facilities availed by the Corporate Debtor to the extent of Rs. 45,00,00,000/-. Under the said Deed of Guarantee, the Personal Guarantor is stated to have unequivocally undertaken to repay the outstanding dues on demand in the event of default committed by the Corporate Debtor in servicing or repaying the said facilities.

8. The Petitioner submits that, owing to persistent defaults in repayment of the sanctioned loan facilities, the loan account of Heera Ind Trading Pvt. Ltd. was classified as a Non-Performing Asset (NPA) on 16.04.2023. It is further submitted that the loan accounts of Heera Hospitality Pvt. Ltd. and Pratham Heera Sales Pvt. Ltd. were also classified as Non-Performing Assets (NPA) on 10.04.2023.

9. It is further submitted that the Respondent Bank had issued demand notices dated 24.04.2023 under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“SARFAESI Ac