# In the matter of Suyog Jain vs. Arvind Kumar (RP) and Ors.

> NCLAT judgment dated 2025-08-11. Citation: TCN-2025-NCLAT-00447. Three appeals (CA (AT) (Ins) No. 1625, 1626, and 1728 of 2024) were filed by personal…

- **Court:** NCLAT
- **Order date:** 11 Aug 2025
- **Citation:** TCN-2025-NCLAT-00447
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/suyog-jain-vs-arvind-kumar-5145d1d7

## Summary

### Background

Three appeals (CA (AT) (Ins) No. 1625, 1626, and 1728 of 2024) were filed by personal guarantors of the Corporate Debtor, challenging the dismissal of their applications under Section 94 of the Insolvency and Bankruptcy Code, 2016, due to limitation.

## Facts

The appeals arise from the dismissal of applications filed under Section 94 of the Insolvency and Bankruptcy Code by three personal guarantors.

The Corporate Debtor, Vardhman Chemtech Pvt. Ltd., obtained a loan from a consortium of banks including State Bank of Patiala, State Bank of Hyderabad, and IDBI Bank.

Indian Bank (erstwhile Allahabad Bank) initiated CIRP against the Corporate Debtor under Section 7 of the Code, which was admitted on 25.09.2018.

The CoC consisted of three financial creditors: Indian Bank, State Bank of India (earlier State Bank of Patiala), and State Bank of India (earlier State Bank of Hyderabad), and IDBI Bank.

The resolution plan submitted by M/s DPB Antibiotics Pvt. Ltd. was approved by the CoC and the Tribunal.

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## Issues and analysis

### Issue 1: Whether the applications filed by the personal guarantors under Section 94 of the Insolvency and …

**Ratio:** The applications under Section 94 were filed beyond the three-year limitation period

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**Reasoning:** The guarantees were invoked by the banks more than three years before the filing of the

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**Interpretation:** The limitation period for filing applications under Section 94 starts from the

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**Application:** Since the applications were filed on 05.04.2023, and the guarantees were

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## Parties

- **Judges:** Rakesh Kuma…; Md. Faiz Al…; +1 more
- **Appellants:** Suyog…; Rajinder Singh…; +1 more
- **Respondents:** Vardhman Chemtech…; Arvind Kumar,…
- **Other parties:** Indian Bank…; State Bank of…; +3 more
- **Advocates:** Sumesh D…; Vatsala…; +9 more

## Timeline

- **2012-09-06 — Sanction…**: Allahabad Bank vide sanction letter dated…
- **2018-09-25 — CIRP Admi…**: CIRP proceedings against the CD which was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94 — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

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