# In the matter of Advanced computer and Mobiles India Private Limited vs. Parveen Iqbal Parekh

> NCLT judgment dated 2024-10-09. Citation: TCN-2024-NCLT-00454. The case pertains to a Restored Company Petition (IBC) /12/2024 in C.P. (IB)/996/MB/2023 before…

- **Court:** NCLT
- **Order date:** 9 Oct 2024
- **Citation:** TCN-2024-NCLT-00454
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/advanced-computer-and-mobiles-india-private-limited-vs-parveen-iqbal-parekh-9d713590

## Summary

### Background

The case pertains to a Restored Company Petition (IBC) /12/2024 in C.P. (IB)/996/MB/2023 before the Mumbai bench of the National Company Law Tribunal (NCLT). Advanced Computers and Mobiles Indiaprivate Limited filed a petition against Parveen Iqbal Parekh for initiation of the Insolvency Resolution Process, as Parekh is the personal guarantor of M/s. JSK Marketing Limited ('Corporate Debtor'). The Financial Creditor presented a copy of the deed of guarantee executed by the Respondent in favor of the Petitioner dated 15.04.2019 and a demand notice (Form-B) dated 18.08.2023, calling upon the Personal Guarantor to pay an outstanding amount of Rs. 1,10,00,000/-.

## Facts

Advanced Computers and Mobiles Indiaprivate Limited (Financial Creditor/Petitioner) filed a Company Petition against Parveen Iqbal Parekh (Respondent) for initiation of the Insolvency Resolution Process. Parveen Iqbal Parekh is the personal guarantor of M/s. JSK Marketing Limited (Corporate Debtor). The Financial Creditor presented a deed of guarantee executed by the Respondent in favor of the Petitioner dated 15.04.2019. The Financial Creditor also presented a demand notice (Form-B) dated 18.08.2023, demanding an outstanding amount of Rs. 1,10,00,000/- from the Personal Guarantor. The relevance of these facts is to establish the debt and default, and the existence of a guarantee agreement, which are prerequisites for initiating the insolvency resolution process

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## Issues and analysis

### Issue 1: Whether the Company Petition filed by Advanced Computers and Mobiles Indiaprivate Limited against …

**Ratio:** The Insolvency and Bankruptcy Code, 2016 (IBC) allows for the initiation of insolvency

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**Reasoning:** The court considered the deed of guarantee executed by the Respondent in favor of the

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**Interpretation:** The IBC provides a mechanism for creditors to recover their dues from personal

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**Application:** The court applied the principles of IBC to the facts of the case, considering

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Advanced Computers…
- **Respondents:** JSK Marketing…; Parveen Iqbal…

## Timeline

- **2019-04-15 — Deed of Gua…**: Deed of guarantee executed by Parveen Iqbal Parekh in favor of Advanced Computers and…
- **2023-08-18 — Demand N…**: Demand notice (Form-B) issued to Parveen Iqbal Parekh for an outstanding amount of Rs.…

## 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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