# In the matter of Prashant Kumar Gupta

> Read the full IBC case summary for In the matter of Prashant Kumar Gupta. NCLT judgment dated 2025-06-23. Citation: TCN-2025-NCLT-00875.

- **Court:** NCLT
- **Order date:** 23 Jun 2025
- **Citation:** TCN-2025-NCLT-00875
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/prashant-kumar-gupta-dab56069

## Summary

### Background

The case involves an application filed by a personal guarantor under Section 94(1) of the IBC, 2016, seeking to initiate the Insolvency Resolution Process against himself due to a default on credit facilities guaranteed for a corporate debtor.

## Facts

The present Company Petition was filed on October 22, 2022, by Prashant Kumar Gupta, the Personal Guarantor, under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The application sought to initiate the Insolvency Resolution Process against the applicant, who is the personal guarantor of M/s P K Global Power Private Limited, for a default amount of Rs. 14,46,65,767.26 as of September 30, 2021, related to credit facilities extended by Punjab National Bank.

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## Issues and analysis

### Issue 1: Whether the application under…

**Ratio:** An application filed under Section 94 of the IBC, 2016, read with Rule 6(1) of the…

**Reasoning:** The petition was filed in the prescribed FORM-A under Rule 6(1) of the Insolvency and…

**Interpretation:** The court interpreted Section 94 and Rule 6(1) to mean that an application for…

**Application:** The application by Prashant Kumar Gupta was found to be in the prescribed form…

## Parties

- **Judges:** SANJEEV S…; SHAMMI…
- **Advocates:** For the Applicant/…; Pratul Kuma…; +2 more

## Timeline

- **June 24, 2020 — Personal Guaran…**: Prashant Kumar Gupta provided a personal guarantee for credit facilities of Rs.…
- **September 28, 2021 — Debt classifie…**: The corporate debtor's loan account was classified as a Non-Performing Asset by Punjab…

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