# In the matter of Shoukath Sherif

> NCLT judgment dated 2026-04-02. Citation: TCN-2026-NCLT-00326. This petition CP(IB)151(CHE)2025 was filed under Section 94(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 2 Apr 2026
- **Citation:** TCN-2026-NCLT-00326
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/shoukath-sherif-84888bdf

## Summary

### Background

This petition CP(IB)151(CHE)2025 was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Shoukath Sheriff, the Personal Guarantor for loan facilities availed by A & Z Lifestyle Retail Private Limited from Jammu & Kashmir Bank Limited. The petition sought to initiate the Insolvency Resolution Process.

## Facts

Shoukath Sheriff filed a petition under Section 94(1) of the IBC as a personal guarantor to A & Z Lifestyle Retail Private Limited.

Jammu & Kashmir Bank Limited is the Financial Creditor.

The Corporate Debtor, A & Z Lifestyle Retail Private Limited, availed cash credit facilities and term loans from Jammu & Kashmir Bank Limited.

Shoukath Sheriff provided personal guarantees for the credit facilities.

The Corporate Debtor's account was declared NPA on 31.12.2019.

Jammu & Kashmir Bank Limited issued a demand notice on 03.01.2020 under the SARFAESI Act.

The Financial Creditor took physical possession of the mortgaged properties under Section 14 of the SARFAESI Act, 2002.

The petition was filed on 02.05.2025, after the limitation period had expired on 02.01.2023.

…

## Issues and analysis

### Issue 1: Whether the petition filed under Section …

**Ratio:** The limitation for filing the petition under Section 94 of IBC is three years from the

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**Reasoning:** The guarantee was invoked on 03.01.2020, and the limitation period expired on 02.01.2023.

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**Interpretation:** The Adjudicating Authority interpreted the limitation period strictly and

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**Application:** The Adjudicating Authority applied the principle of limitation and concluded

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Shoukath…
- **Respondents:** A & Z Lifestyle…; Jammu & Kashmir…
- **Other parties:** Jammu And Kashmir…; B. Me…
- **Advocates:** Aalok J…; Abitha…; +2 more

## Timeline

- **2016 — Loan Avai…**: A & Z Lifestyle Retail Private Limited availed cash credit facilities and term loan from…
- **2019-12-31 — NPA Decla…**: The Corporate Debtor's…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94 — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

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