# In the matter of Aditya Birla Finance Limited vs. Sarita Mishra

> NCLT judgment dated 2024-12-20. Citation: TCN-2024-NCLT-00013. The case involves an application under Section 99 and Section 95(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 20 Dec 2024
- **Citation:** TCN-2024-NCLT-00013
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aditya-birla-finance-limited-vs-sarita-mishra-a219bd85

## Summary

### Background

The case involves an application under Section 99 and Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. The application seeks to initiate an insolvency resolution process against Sarita Mishra, the personal guarantor, for a debt owed by the corporate debtor, Ariyant Logistics Private Limited, to the financial creditor, Aditya Birla Finance Limited. The Resolution Professional filed IA(IB)No. 356/KB/2024 in CP (IB) No. 67/KB/2023 to seek initiation of Insolvency Process against the Respondent Personal Guarantor to Corporate Debtor.

## Facts

Aditya Birla Finance Limited (Financial Creditor) filed an application under Section 99 and Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate insolvency proceedings against Sarita Mishra (Respondent/Personal Guarantor) for a debt owed by Ariyant Logistics Private Limited (Corporate Debtor). The amount in debt and default is Rs.2,25,27,97,209.39/-, with the date of default being 2021-03-24. The Financial Creditor issued a demand notice in Form B on 2023-01-19 to the Personal Guarantor, which was returned unclaimed. The Resolution Professional, Mr. Rajesh Kumar Agarwal, submitted a report on 2024-02-09 suggesting the admission of the petition. The Financial Creditor submitted the complete application on 2024-11-18. No CIRP has been initiated against

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## Issues and analysis

### Issue 1: Whether an application under section 95(1) of The Insolvency and Bankruptcy Code, 2016 will be …

**Ratio:** The ratio is based on the interpretation of Section 60, Section 79, and Section 179 of

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**Reasoning:** The court reasons that Section 60(1) of the IBC clearly links proceedings against the

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**Interpretation:** The interpretation is that the NCLT has jurisdiction over matters arising out

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**Application:** The court applies this reasoning to the present case, noting that since no

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## Parties

- **Judges:** Balraj…; BIDISHA BA…
- **Appellants:** ADITYA BIRLA…
- **Respondents:** Ariyant Logistics…; Sarita M…

## Timeline

- **2021-03-24 — Date of Debt an…**: The date on which the…
- **2021-01-19 — Date of Invocation of…**: Date of invocation of personal…

## 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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