# In the matter of Bank of Baroda Vs.  Tshering Pintso Bhutia, vide CP No. 15-GB-2021

> NCLT judgment dated 2021-09-30. Citation: TCN-2021-NCLT-00932. The case pertains to an application filed by Bank of Baroda (formerly Dena Bank) through…

- **Court:** NCLT
- **Order date:** 30 Sept 2021
- **Citation:** TCN-2021-NCLT-00932
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bank-of-baroda-vs-tshering-pintso-bhutia-vide-cp-no-15-gb-2021-9a02bc6b

## Summary

### Background

The case pertains to an application filed by Bank of Baroda (formerly Dena Bank) through Resolution Professional Shri Sanjit Kumar Nayak under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Mr. Tshering Pintso Bhutia, the Respondent, who is a personal guarantor to the Corporate Debtor, M/s. Blue Fern Venues Pvt. Ltd. The Corporate Debtor is already under liquidation. The bank had granted a term loan facility to the Corporate Debtor, which was secured by personal guarantees from the respondent and his wife. The Corporate Debtor defaulted on payments, leading to the account being classified as NPA. The bank initiated recovery proceedings against the Corporate Debtor and the personal

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## Facts

Bank of Baroda (formerly Dena Bank) extended a term loan facility to M/s. Blue Fern Ventures Pvt. Ltd. (the Corporate Debtor) with a limit of Rs. 10,33,00,000.00, later extended to Rs. 28,94,00,000.00, as per a sanction letter dated 09.11.2010. Mr. Tshering Pintso Bhutia, the Respondent, along with Mrs. Ongmu Bhutia, provided personal guarantees for these credit facilities via letters of guarantee dated 12.06.2013. The Corporate Debtor defaulted on its payment obligations, leading to its account being classified as a Non-Performing Asset (NPA) on 30.11.2016. The bank issued a notice under Section 13(2) of the SARFAESI Act on 18.01.2017 and a possession notice on 16.01.2018. The bank also initiated action under Section 19 of the FDDBFI Act, 1993, before the Debts

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## Issues and analysis

### Issue 1: Whether the application filed by the Bank of Baroda under Section 95 of the Insolvency and …

**Ratio:** Section 95 of the Insolvency and Bankruptcy Code, 2016, allows a creditor to file an

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**Reasoning:** The court observed that the Applicant had filed the necessary documents to prove the

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**Interpretation:** Section 95 provides a mechanism for creditors to recover debts from personal

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**Application:** The court applied Section 95 to the facts of the case, noting that the Bank of

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## Parties

- **Judges:** H.V. Subb…; Prasanta Kumar…
- **Appellants:** Bank of B…
- **Respondents:** M/s. Blue Fern…; Tshering Pintso…

## Timeline

- **2010-11-09 — Sanction…**: Bank of Baroda granted term loan facility to M/s. Blue Fern Ventures Pvt. Ltd. as per…
- **2013-06-12 — Letters of Gu…**: Mr. Tshering Pintso Bhutia and Mrs. Ongmu…

## 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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