# In the matter of V. R. Hemantraj Vs. Stanbic Bank Ghana Ltd. & Anr. CA (AT) No. 213-2018

> NCLAT judgment dated 2018-08-29. Citation: TCN-2018-NCLAT-00131. This case involves an appeal against the order of the Adjudicating Authority (National…

- **Court:** NCLAT
- **Order date:** 29 Aug 2018
- **Citation:** TCN-2018-NCLAT-00131
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/v-r-hemantraj-vs-stanbic-bank-ghana-ltd-anr-ca-d21fddb3

## Summary

### Background

This case involves an appeal against the order of the Adjudicating Authority (National Company Law Tribunal), Chennai Bench, which admitted an insolvency petition filed by Stanbic Bank Ghana Limited (financial creditor) against Rajkumar Impex Pvt Ltd (Corporate Debtor). The appellant, a shareholder of the Corporate Debtor, challenged the admission of the insolvency petition.

## Facts

Stanbic Bank Ghana Limited, a financial creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate a corporate insolvency resolution process against Rajkumar Impex Pvt Ltd (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), Chennai Bench, admitted the application. Rajkumar Impex Ghana Ltd, a subsidiary of Rajkumar Impex Pvt Ltd, received a medium-term loan from Stanbic Bank Ghana Limited. Rajkumar Impex Pvt Ltd, the holding company, executed a guarantee in favor of Stanbic Bank Ghana Limited, becoming a corporate guarantor. The appellant, a shareholder of Rajkumar Impex Pvt Ltd, appealed the Adjudicating Authority's order, arguing that Stanbic Bank Ghana Limited did not qualify as a financial

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## Issues and analysis

### Issue 1: Whether the 1st respondent (Stanbic Bank Ghana Ltd) comes within the meaning of ‘financial …

**Ratio:** A financial creditor is defined under Section 5(7) read with Section 5(8)(h) of the

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**Reasoning:** The court reasoned that the guarantee provided by Rajkumar Impex Pvt Ltd in favor of

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**Interpretation:** The interpretation of 'financial creditor' under the I&B Code includes

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**Application:** Since Rajkumar Impex Pvt Ltd executed a guarantee in favor of Stanbic Bank

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** V.R. HEMA…
- **Respondents:** Rajkumar Impex…; STANBIC BANK…
- **Advocates:** S. N.…; Mohan Par…; +10 more

## Timeline

- **2018-04-27 — Order by Adjudicating…**: The Adjudicating Authority (National Company Law Tribunal), Chennai Bench, passed an…
- **2018-08-29 — Order by…**: The National Company Law Appellate Tribunal (NCLAT) dismissed the appeal filed by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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