# In the matter of M/s. Muthoot Fincorp Ltd Vs. Santhosh Mahalingam, IBA/804/2020

> NCLT judgment dated 2022-06-20. Citation: TCN-2022-NCLT-04648. The case involves an application filed by MuthootFincorp Limited, a Financial Creditor, under…

- **Court:** NCLT
- **Order date:** 20 Jun 2022
- **Citation:** TCN-2022-NCLT-04648
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/ms-muthoot-fincorp-ltd-vs-santhosh-mahalingam-iba8042020-96dee032

## Summary

### Background

The case involves an application filed by MuthootFincorp Limited, a Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Santhosh Mahalingam, a Personal Guarantor, for initiating insolvency resolution process.

## Facts

MuthootFincorp Limited filed an application under Section 95 of the IBC, 2016 against Mr. Santhosh Mahalingam, a Personal Guarantor.

The application pertains to the insolvency resolution process for personal guarantors to corporate debtors.

The Corporate Debtor, M/s. Santosh Hospitals Private Limited, is under Liquidation and was previously admitted into CIRP under Section 10 of IBC, 2016.

The date of default stated in the application is 01.08.2017.

A Demand Notice was issued to the Personal Guarantor on 06.01.2020 under Rule 7(1) of the Insolvency and Bankruptcy Rules, 2019.

The Financial Creditor filed an interim application to strike out the consent affidavit of Mr. Arumugam Arumugam as bankruptcy trustee, which was filed inadvertently.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should appoint an Interim Resolution Professional (IRP) after an …

**Ratio:** The Hon'ble NCLAT, Principal Bench, in the matter of Mr. Ravi Ajit Kulkarni -Vs- State

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**Reasoning:** The Adjudicating Authority relied on the NCLAT's decision in Ravi Ajit Kulkarni's case,

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**Interpretation:** The NCLAT's decision mandates the Adjudicating Authority to act upon the

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**Application:** The Adjudicating Authority applied the NCLAT's ruling by appointing Ms.

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## Parties

- **Judges:** S. Ramath…; Anil Ku…
- **Appellants:** MUTHOOT FINCORP…
- **Respondents:** Santosh Hospitals…; Santhosh Mahalinga…
- **Other parties:** ArumugamAr…; JAYASHREE…
- **Advocates:** T. Saikri…; R. Sara…; +1 more

## Timeline

- **2017-08-01 — Date of D…**: The date of default as stated in…
- **2019-04-04 — CIRP Admi…**: Order admitting the Corporate Debtor into CIRP…

## 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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