# In the matter of Anchor Leasing Pvt. Ltd. vs. Anju Dhiraj Gada

> NCLT judgment dated 2024-02-27. Citation: TCN-2024-NCLT-02383. The case involves a petition filed under Section 95 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 27 Feb 2024
- **Citation:** TCN-2024-NCLT-02383
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anchor-leasing-pvt-ltd-vs-anju-dhiraj-gada-235b251d

## Summary

### Background

The case involves a petition filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. Anchor Leasing Pvt. Ltd., the Financial Creditor, initiated the insolvency process against Mrs. Anju Dhiraj Gada, the Personal Guarantor, for recovery of Rs. 26,40,48,694/- as of 24.05.2021, with interest at 21% per annum. The date of default was specified as 30.06.2010. The Corporate Debtor, Sejal Glass Limited, had its own corporate insolvency resolution process initiated earlier. The Financial Creditor claims that the Personal Guarantor is liable for the outstanding debt of the Corporate

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## Facts

Anchor Leasing Pvt. Ltd. (Financial Creditor) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mrs. Anju Dhiraj Gada (Personal Guarantor) to recover Rs. 26,40,48,694/- as of 24.05.2021, with interest at 21% per annum, related to a debt of Sejal Glass Limited (Corporate Debtor). The date of default was 30.06.2010. The Financial Creditor invoked the guarantee provided by the Guarantor under a Deed of Guarantee dated August 11, 2009. The Personal Guarantor filed an Interlocutory Application challenging the maintainability of the petition, raising issues such as the time-barred nature of the demand notice, incorrect debt amount, and insufficient stamping of the deed of guarantee. The Corporate Debtor's insolvency resolution process had

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 95 of the IBC is maintainable …

**Ratio:** The liability of the surety is

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**Reasoning:** The Tribunal considered the submissions of both parties and perused the documents on

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**Interpretation:** Section 95 of the IBC allows a financial creditor to initiate insolvency

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**Application:** The Tribunal found that the Corporate Debtor had defaulted on its debt, and the

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## Parties

- **Judges:** V. G. Bisht…; SH. PRABHAT…
- **Appellants:** Anchor Leasing…
- **Respondents:** Sejal Glass…; Anju Dhira…

## Timeline

- **2009-08-11 — Deed of Gua…**: Deed of Guarantee…
- **2010-06-30 — Date of D…**: Date of Default as…

## Legal provisions

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

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