# In the matter of Tata Capital Financial Services Ltd Vs. Prashant Banamapally Hegde & Anr, CP (IB) NO. 120/BB/2022

> NCLAT judgment dated 2022-10-19. Citation: TCN-2022-NCLAT-00148. The case involves a Company Petition filed by Tata Capital Financial Services Ltd. against…

- **Court:** NCLAT
- **Order date:** 19 Oct 2022
- **Citation:** TCN-2022-NCLAT-00148
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/tata-capital-financial-services-ltd-vs-prashant-banamapally-hegde-anr-cp-6d48c88b

## Summary

### Background

The case involves a Company Petition filed by Tata Capital Financial Services Ltd. against Mr. Prashant Banamapally Hegde and Anr., seeking to initiate Insolvency Resolution Process under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition is filed under Rule 7(2) of the I&B (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019.

## Facts

Tata Capital Financial Services Ltd. filed a Company Petition against Mr. Prashant Banamapally Hegde and Anr. under Section 95 of the IBC, 2016, seeking to initiate Insolvency Resolution Process. The petitioner's counsel submitted that the demand notice dated 22.07.2021 was served, and proof of service was delivered on 11.10.2022. The Financial Creditor proposed Shri Mugundan A Thirumalai as the Resolution Professional. The court noted that the Petition along with Court Notice was successfully delivered upon the Personal Guarantors on 10.10.2022.

## Issues and analysis

### Issue 1: Whether the requirements under Section 95 of the I&B Code, 2016, have been completed for …

**Ratio:** Section 95 of the I&B Code, 2016, read with Rule 7(2) of the I&B (Application to

…

**Reasoning:** The court considered the submission of the petitioner's counsel that the demand notice

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**Interpretation:** Section 95 of the I&B Code, 2016, requires the fulfillment of certain

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**Application:** The court found that the requirements under Section 95 of the Code were

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## Parties

- **Judges:** SH. KISHORE…; SH. MANOJ KUMAR…
- **Appellants:** Tata Capital…
- **Respondents:** Prashant Banamapal…
- **Advocates:** Richa B…; H.N. Vasu…

## Timeline

- **2021-07-22 — Demand Noti…**: Date of the Demand Notice…
- **2022-10-10 — Service of P…**: Petition along with Court Notice was…

## 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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