# In the matter of State Bank of India Vs. Ranganatha Gupta, IBA/718/2020

> Read the full IBC case summary for In the matter of State Bank of India Vs. Ranganatha Gupta, IBA/718/2020. NCLT judgment dated 2022-04-29. Citation:…

- **Court:** NCLT
- **Order date:** 29 Apr 2022
- **Citation:** TCN-2022-NCLT-04869
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/state-bank-of-india-vs-ranganatha-gupta-iba7182020-e1b0966e

## Summary

### Background

The financial creditor, State Bank of India, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process for Personal Guarantors against Mr. Ranganatha Gupta, who is the personal guarantor to M/s. Nathella Sampath Jewelry Private Limited, a corporate debtor currently under liquidation.

## Facts

State Bank of India, the financial creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Ranganatha Gupta, a personal guarantor. The application sought to initiate the Insolvency Resolution Process for Personal Guarantors. The corporate debtor, M/s. Nathella Sampath Jewelry Private Limited, for which Mr. Gupta was a guarantor, was already under liquidation, with a common liquidation order passed on January 3, 2020.

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## Issues and analysis

### Issue 1: Whether the application for initiating the Insolvency Resolution Process against the personal…

**Ratio:** The application for Insolvency Resolution Process against the personal guarantor is…

**Reasoning:** The Resolution Professional's report, filed under Section 99 of the Code, confirmed that…

**Interpretation:** Section 99(2) and 99(4) of the Code require the Resolution Professional to…

**Application:** Given the Resolution Professional's findings that Mr. Ranganatha Gupta failed…

## Parties

- **Judges:** Ramalingam…; Anil Ku…
- **Advocates:** For Financial…; B. Raghavul…; +5 more

## Timeline

- **January 3, 2020 — Liquidation…**: A common order was passed for the liquidation of M/s. Nathella Sampath Jewelry Private…
- **November 3, 2020 — Application…**: The financial creditor filed an application under Section 95 of the Code seeking…

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