# In the matter of Surendra B. Jiwrajka and anr. Vs. Omkara Assets Reconstruction Private Limited Writ Petition (L.) No. 21271 & 21272 of 2021

> HC judgment dated 2021-09-30. Citation: TCN-2021-HC-00016. The case involves two writ petitions (WPL No.21271 of 2021 and WPL No.21272 of 2021) challenging…

- **Court:** HC
- **Order date:** 30 Sept 2021
- **Citation:** TCN-2021-HC-00016
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-chandigarh-bench/surendra-b-jiwrajka-and-anr-vs-omkara-assets-reconstruction-private-limited-writ-72763181

## Summary

### Background

The case involves two writ petitions (WPL No.21271 of 2021 and WPL No.21272 of 2021) challenging identical orders passed by the Debts Recovery Tribunal-1, Mumbai. The orders were issued in Application IBC No.2 of 2021 and Application IBC No.3 of 2021, respectively, both filed by Omkara Assets Reconstruction Private Limited. The applications sought to initiate insolvency resolution processes against the petitioner, Surendra B. Jiwrajka, based on personal guarantees. The petitioner objected to the maintainability of the applications, arguing that the debt had been assigned to J.M. Finance and that a resolution professional should not be appointed before the maintainability issue is decided. The Tribunal rejected these objections and appointed a resolution professional,

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## Facts

Surendra B. Jiwrajka is the petitioner in two writ petitions challenging identical orders passed by the Debts Recovery Tribunal-1, Mumbai. Omkara Assets Reconstruction Private Limited filed applications (IBC No.2 of 2021 and IBC No.3 of 2021) before the Tribunal to initiate insolvency resolution process against Surendra B. Jiwrajka, based on personal guarantees. Jiwrajka opposed the applications, arguing that the debt had been assigned to J.M. Finance and that the Tribunal should first decide on the maintainability of the application before appointing a resolution professional. The Tribunal rejected Jiwrajka's objections and appointed a resolution professional. The New India Co-operative Bank Limited had sanctioned the term loan to the borrower and assigned all its

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## Issues and analysis

### Issue 1: Whether the Tribunal erred in rejecting the petitioner's objection to the maintainability of the …

**Ratio:** The provisions of the IBC, particularly sections 95 to 100, outline the process for

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**Reasoning:** The court acknowledged the petitioner's argument that the Tribunal should have decided

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**Interpretation:** The interpretation of sections 95 to 100 of the IBC determines the appropriate

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**Application:** The court did not explicitly rule on whether the Tribunal erred but directed

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## Parties

- **Judges:** UJJAL B…; Madhav J.…
- **Appellants:** Surendra B…
- **Respondents:** Omkara Assets…

## Timeline

- **2021-09-06 — Impugned Ord…**: The Debts Recovery Tribunal-1, Mumbai, passed the impugned orders in Application IBC No.2…
- **2021-09-30 — Order Da…**: Date of the oral order by the High…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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