Canara Bank files petition under IBC Section 95(1) to initiate insolvency resolution process against Mr. Pundlik Pandit Gandhale, a personal guarantor for a defaulted loan.
The underlying debt of Rs 17.51 crore stems from a term loan to Madhur Nourishment Products LLP, which was later liquidated after a failed CIRP.
The Debt Recovery Tribunal, Pune, had already decreed the amount and issued a recovery certificate against the guarantors for the outstanding sum.
The NCLT appoints a resolution professional and directs him to submit a report within 10 days to examine the application for admission or rejection.