# In the matter of Small Industries Development Bank of India vs. Krishnakant Bagree

> Read the full IBC case summary for In the matter of Small Industries Development Bank of India vs. Krishnakant Bagree. NCLT judgment dated 2025-10-29.…

- **Court:** NCLT
- **Order date:** 29 Oct 2025
- **Citation:** TCN-2025-NCLT-01599
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/small-industries-development-bank-of-india-vs-krishnakant-bagree-480f6180

## Summary

### Background

The Financial Creditor filed an application under Section 95 of the IBC, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantor to Corporate Debtor) Rules, 2019, to initiate a Personal Insolvency Resolution Process against the personal guarantor for a default amount of Rs. 13,55,61,322.44/-.

## Facts

Small Industries Development Bank of India (Financial Creditor) sanctioned credit facilities of Rs. 440 Lakhs to Bagree Alloys Limited (Corporate Debtor). Krishnakant Bagree, the respondent, executed Personal Guarantee Deeds on December 22, 2008, November 3, 2009, and June 22, 2010, guaranteeing the debt. The Corporate Debtor defaulted on repayments, leading the Financial Creditor to classify the loan account as a Non-Performing Asset (NPA) on June 8, 2013.

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## Issues and analysis

### Issue 1: Whether the present application is maintainable under the provisions of the code, particularly in…

**Ratio:** An application under Section 95 of the IBC must be filed within three years from the date…

**Reasoning:** The court noted that the corporate guarantee was invoked on August 25, 2015, and the…

**Interpretation:** The court interpreted Article 137 of the Limitation Act, 1963, and Section 238A…

**Application:** Given that the corporate guarantee was invoked on August 25, 2015, and the…

## Parties

- **Judges:** Man Mohan…; Brajendra Mani…
- **Advocates:** For the Applicant:…; G. Adhin,…

## Timeline

- **June 8, 2013 — Loan account classified…**: The Financial Creditor classified the Corporate Debtor's loan account as Non-Performing…
- **March 12, 2014 — SARFAESI Act notice…**: The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act to the…

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