# In the matter of Navin Raheja IB-385-ND-2020

> NCLT judgment dated 2020-02-04. Citation: TCN-2020-NCLT-02091. DMI Finance Pvt. Ltd. filed an application under Section 95 of the IBC seeking initiation of…

- **Court:** NCLT
- **Order date:** 4 Feb 2020
- **Citation:** TCN-2020-NCLT-02091
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/navin-raheja-ib-385-nd-2020-bb783caf

## Summary

### Background

DMI Finance Pvt. Ltd. filed an application under Section 95 of the IBC seeking initiation of the Insolvency Resolution process for the personal guarantor, Navin Raheja. An interim moratorium under Section 96 was ordered on January 21, 2020. The applicant's counsel stated that notice was issued and a service affidavit was filed.

## Facts

DMI Finance Pvt. Ltd. filed an application under Section 95 of the IBC to initiate the Insolvency Resolution process against the personal guarantor, Navin Raheja. An interim moratorium under Section 96 was ordered on January 21, 2020. The applicant's counsel confirmed that notice had been issued and a service affidavit filed. The next step in the process was the appointment of a Resolution Professional (RP) under Section 97 of the Code. Mr. Rajendra Prasad Tak's details and undertaking as RP, along with Form-A and Form-B certificates, were filed with the application. The court then appointed Mr. Rajendra Prasad Tak as the RP, directing him to submit a report under Section 99(1)(7) of the Code, following the procedure outlined in Section 99.

## Issues and analysis

### Issue 1: Whether the application filed under Section 95 of the IBC for initiating the Insolvency Resolution …

**Ratio:** Section 95 of the IBC allows a creditor to file an application for initiating the

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**Reasoning:** The court considered the application filed by DMI Finance Pvt. Ltd. under Section 95 of

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**Interpretation:** Section 95 provides a mechanism for creditors to pursue insolvency proceedings

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**Application:** The court's acceptance of the application and the ordering of an interim

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## Parties

- **Judges:** DEEPTI M…; HEMANT KUMAR…
- **Appellants:** DMI Finance Pvt.…
- **Respondents:** Navin R…
- **Advocates:** Krishnendu…; Rahul G…; +3 more

## Timeline

- **2020-01-21 — Interim Moratorium…**: An interim moratorium under…
- **2020-02-04 — Order Del…**: The court delivered an order appointing Mr. Rajendra Prasad Tak as the Resolution…

## 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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