# In the matter of Intec Capital Ltd. Vs. Rajat Saini, CP (IB) No. 98-Chd-Hry-2021

> NCLT judgment dated 2021-09-20. Citation: TCN-2021-NCLT-01081. The application was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read…

- **Court:** NCLT
- **Order date:** 20 Sept 2021
- **Citation:** TCN-2021-NCLT-01081
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/intec-capital-ltd-vs-rajat-saini-cp-b0a69101

## Summary

### Background

The application was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, by Intec Capital Limited (Creditor/Applicant) to initiate Insolvency Resolution Process against Mr. Rajat Saini (Personal Guarantor/Respondent). The Respondent/ Personal Guarantor stood as the Guarantor in respect of the loan availed by the Principal borrower viz. M/s Sarthak Logistics Private Limited (Corporate Debtor). The creditor issued a demand notice to the personal guarantor regarding the unpaid debt of the corporate debtor. The respondent disputed the existence of the debt and contested the Arbitral Award.

## Facts

Intec Capital Limited filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Rajat Saini, the personal guarantor for a loan availed by M/s Sarthak Logistics Private Limited. A loan agreement was executed by the Corporate Debtor for Rs. 56,00,000/-. The Corporate Debtor failed to maintain adequate funds, leading to dishonored cheques and non-payment. A demand notice was issued to the personal guarantor, who disputed the debt and contested an arbitral award. Proceedings against the Corporate Debtor are pending. The total debt from the Personal Guarantor is Rs. 1,34,54,968. The application was filed on 05.04.2021.

## Issues and analysis

### Issue 1: Whether the application under Section 95 of the Insolvency and Bankruptcy Code, 2016, for …

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

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**Reasoning:** The court considered the application filed by the creditor, Intec Capital Limited,

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

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**Application:** The court found that the application was filed in the prescribed form and

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## Parties

- **Judges:** Ajay Kumar…; K.K. V…
- **Appellants:** Intec Capital…
- **Respondents:** M/s Sarthak…; Rajat S…

## Timeline

- **2015-05-30 — Guarantee Ag…**: Guarantee Agreement was…
- **2017-11-03 — Arbitral…**: Arbitral Award passed by the…

## 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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