# In the matter of Saurabh Bharatbhushan Jain vs. State Bank of India & Ors.

> NCLT judgment dated 2025-01-27. Citation: TCN-2025-NCLT-01111. The case pertains to an application filed by Saurabh Bharatbhushan Jain, a personal guarantor,…

- **Court:** NCLT
- **Order date:** 27 Jan 2025
- **Citation:** TCN-2025-NCLT-01111
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/saurabh-bharatbhushan-jain-vs-state-bank-of-india-ors-f8778a31

## Summary

### Background

The case pertains to an application filed by Saurabh Bharatbhushan Jain, a personal guarantor, under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process. The application relates to a credit facility extended by the State Bank of India to Sysco Industries Ltd, for which Mr. Jain is the personal guarantor.

## Facts

Saurabh Bharatbhushan Jain filed an application under Section 94 of the IBC, 2016 as a personal guarantor to Sysco Industries Ltd.

The application was filed in relation to a credit facility extended by the State Bank of India to Sysco Industries Ltd.

The tribunal appointed Mr. Sunil Kumar Agarwal as the Interim Resolution Professional (IRP) on 10.05.2024.

The IRP filed a report recommending the admission of the application.

Nutan Nagrik Sahakari Bank and State Bank of India, financial creditors, filed replies objecting to and supporting the admission of the application, respectively.

The Personal Guarantor provided a wrong address in the application.

The Personal Guarantor did not cooperate with the IRP initially.

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## Issues and analysis

### Issue 1: Whether the application filed by the Personal Guarantor under Section 94 of the IBC, 2016 should be …

**Ratio:** The application was dismissed due to the Personal Guarantor's lack of cooperation,

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**Reasoning:** The tribunal found that the Personal Guarantor had not come with clean hands and had

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**Interpretation:** The tribunal interpreted the conduct of the Personal Guarantor as an attempt to

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**Application:** The tribunal applied the principles of equity and fairness to dismiss the

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Saurabh Bharatbhus…; Sunil Kumar…
- **Respondents:** Sysco Industries…; State Bank of…; +3 more
- **Other parties:** Jain Sons…
- **Advocates:** Nipun Si…; Mayur Jug…; +2 more

## Timeline

- **2024-04-24 — Application…**: The Present Application was filed on 24.04.2024 by the Applicant/Personal Guarantor under…
- **2024-05-10 — IRP Appo…**: Authority vide order dated 10.05.2024 appointed the Interim Resolution Professional viz.,…

## 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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