# In the matter of Intec Capital Ltd. Vs. Swati Saini, CP (IB) No. 112-Chd-Hry-2021

> NCLT judgment dated 2021-09-20. Citation: TCN-2021-NCLT-01082. Intec Capital Limited filed an application under Section 95 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 20 Sept 2021
- **Citation:** TCN-2021-NCLT-01082
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/intec-capital-ltd-vs-swati-saini-cp-dbd951c3

## Summary

### Background

Intec Capital Limited filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, to initiate the Insolvency Resolution Process against Ms. Swati Saini, the personal guarantor of the corporate debtor, M/s Sarthak Logistics Private Limited. The application was based on a loan agreement executed by the Corporate Debtor, where Ms. Saini acted as a guarantor. The Corporate Debtor defaulted on the loan, leading to dishonored cheques and non-payment. A demand notice was issued to the Personal Guarantor, but no response was received.

## Facts

Intec Capital Limited (the Creditor) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Ms. Swati Saini (the Personal Guarantor/Respondent). Ms. Saini acted as a guarantor for a loan availed by M/s Sarthak Logistics Private Limited (the Corporate Debtor). A loan agreement was executed for Rs. 56,00,000/-. The Corporate Debtor defaulted on the loan, leading to dishonored cheques. A demand notice dated 2020-06-01 was issued to Ms. Saini, which was served via email on 2020-06-08, but no response was received. The total debt from the Personal Guarantor is Rs. 1,34,54,968. The guarantee agreement was dated 2015-05-30. The application was filed on 2021-03-09. Proceedings against the

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## 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 reasoned that the Corporate Debtor had defaulted on the loan, and the Personal

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**Interpretation:** Section 95 of the IBC is interpreted to provide a mechanism for creditors to

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**Application:** In this case, the Corporate Debtor defaulted on the loan, and Ms. Swati Saini

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## Parties

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

## Timeline

- **2015-05-30 — Guarantee Ag…**: Guarantee Agreement was…
- **2020-06-01 — Demand N…**: Demand Notice (Form B) was issued 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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