# In the matter of State Bank of India Vs. Hasmukh S Patel, CP (IB)/146/CHE/2021

> NCLT judgment dated 2022-07-15. Citation: TCN-2022-NCLT-04586. State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 15 Jul 2022
- **Citation:** TCN-2022-NCLT-04586
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/state-bank-of-india-vs-hasmukh-s-patel-cp-64bf1492

## Summary

### Background

State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Mr. Hasmukh S Patel, a personal guarantor to M/s. Prabhat Resources Limited (formerly M/s. Shinago Infrastructure & Resources Limited).

## Facts

State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 against Mr. Hasmukh S Patel.

Mr. Hasmukh S Patel is a personal guarantor to M/s. Prabhat Resources Limited (formerly M/s. Shinago Infrastructure & Resources Limited).

The Corporate Debtor, M/s. Prabhat Resources Limited, was ordered to be liquidated by the Tribunal vide order dated 23.02.2021.

The Guarantee Agreement was dated 27.03.2014.

The date of default was 19.02.2016.

The date of invocation of the Personal Guarantee was 23.09.2020.

Mr. S. Kannan was appointed as the Interim Resolution Professional.

The matter was posted on 05.08.2022 for filing of the report by the Interim Resolution Professional.

## Issues and analysis

### Issue 1: Whether the application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** The Hon'ble NCLAT has held that once an Application under Section 95 of IBC, 2016 is

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**Reasoning:** The Tribunal relied on the NCLAT's observation in Mr. Ravi Ajit Kulkarni -Vs- State Bank

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**Interpretation:** The Adjudicating Authority is obligated to act on an application filed under

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**Application:** The Tribunal admitted the application and proceeded to appoint an Interim

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## Parties

- **Judges:** (Retd.) S.…; SAMEER…
- **Appellants:** State Bank of…
- **Respondents:** M/s. Prabhat…; M/s. Shinago…; +1 more
- **Other parties:** S. Ka…
- **Advocates:** M.L. Ga…; K. Gowtham…

## Timeline

- **2014-03-27 — Guarantee Agree…**: The Guarantee Agreement…
- **2016-02-19 — Date of D…**: The date of default as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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