# In the matter of Amar Baldva, CP (IB) No. 32/94(1)/JPR/2022

> NCLT judgment dated 2023-01-11. Citation: TCN-2023-NCLT-05098. The case pertains to an application filed by Mr. Amar Baldva under Section 94 of the Insolvency…

- **Court:** NCLT
- **Order date:** 11 Jan 2023
- **Citation:** TCN-2023-NCLT-05098
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/amar-baldva-cp-ib-no-32941jpr2022-7260c74f

## Summary

### Background

The case pertains to an application filed by Mr. Amar Baldva under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the Interim Resolution Process (IRP) against himself as a personal guarantor to the corporate debtor, M/s Baldva Textiles Private Limited. The application is related to a credit facility extended by Punjab National Bank, for which the amount in default is Rs. 16,73,10,124/-. The Resolution Professional (RP) was appointed to file a report under Section 99 of the IBC, 2016.

## Facts

Mr. Amar Baldva, acting as a personal guarantor for M/s Baldva Textiles Private Limited, filed an application under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Interim Resolution Process (IRP). The application was filed due to a default on a credit facility extended by Punjab National Bank, with an outstanding amount of Rs. 16,73,10,124/-. The Resolution Professional (RP) was appointed and submitted a report recommending the admission of the application. The RP's report confirmed that Mr. Baldva had defaulted on his debts, the application met the requirements of Section 94, and Mr. Baldva did not fall under any disqualifying criteria. In addition to the dues to the bank, Mr. Baldva also defaulted on unsecured loans from Anjana

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## Issues and analysis

### Issue 1: Whether the application filed by Mr. Amar Baldva under Section 94 of the Insolvency and Bankruptcy …

**Ratio:** Section 94 of the Insolvency and Bankruptcy Code, 2016, allows a debtor to apply for

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**Reasoning:** The Adjudicating Authority considered the application and the report submitted by the

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**Interpretation:** Section 94 provides a mechanism for debtors, including personal guarantors, to

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**Application:** In this case, the application was filed by Mr. Amar Baldva, a personal

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Amar Ba…
- **Respondents:** M/s Baldva…
- **Advocates:** Anurag Kala…; Akshat Khan…; +2 more

## Timeline

- **2022-05-30 — Appointment of…**: Mr. Vishnu Upadhyay was appointed…
- **2023-01-11 — Order Pron…**: The order was pronounced, admitting the application and initiating the Insolvency…

## 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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