# In the matter of Anil Baldva

> NCLT judgment dated 2023-12-08. Citation: TCN-2023-NCLT-00338. The case pertains to the insolvency resolution process of Mr. Anil Baldva, a personal guarantor…

- **Court:** NCLT
- **Order date:** 8 Dec 2023
- **Citation:** TCN-2023-NCLT-00338
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anil-baldva-d8839417

## Summary

### Background

The case pertains to the insolvency resolution process of Mr. Anil Baldva, a personal guarantor to the Corporate Debtor, M/s Baldva Textiles Private Limited. Mr. Vishnu Upadhyay, the Resolution Professional, filed an application under Section 112 of the Insolvency and Bankruptcy Code, 2016, seeking approval of the repayment plan. The Adjudicating Authority had previously admitted the application under Section 100 of IBC, 2016, initiating the Individual Insolvency Resolution Process against Mr. Amar Baldva. The Resolution Professional was directed to publish a public notice and prepare a list of creditors. The debtor submitted multiple repayment plans, and the final repayment plan was approved by the majority of the creditors.

## Facts

Mr. Anil Baldva is a personal guarantor to the Corporate Debtor, M/s Baldva Textiles Private Limited. An application was filed under Section 94(1) of the IBC, 2016, for initiating the Individual Insolvency Resolution Process against Mr. Anil Baldva. The Adjudicating Authority admitted the application under Section 100 of IBC, 2016. Mr. Vishnu Upadhyay was appointed as the Resolution Professional. The Resolution Professional prepared a repayment plan, which was approved by the majority of the creditors. The repayment plan includes the sale proceeds from a residential house and a loan from relatives, totaling Rs. 272 Lakhs. The secured creditors include Punjab National Bank and Indiabulls Housing Finance Limited. The date of commencement of insolvency proceedings against

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## Issues and analysis

### Issue 1: Whether the repayment plan submitted by the …

**Ratio:** Section 114 of the IBC, 2016, provides that the Adjudicating Authority shall approve or

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**Reasoning:** The Adjudicating Authority considered the report of the meeting of creditors, the

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**Interpretation:** Section 114(1) of the IBC, 2016 mandates the Adjudicating Authority to either

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**Application:** The Adjudicating Authority applied Section 114(1) of the IBC, 2016, to the

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Anil Ba…
- **Respondents:** M/s Baldva…; Punjab National…

## Timeline

- **2022-01-01 — CP No. (IB)-16/94/JPR/20…**: Personal Guarantor/Debtor filed an application bearing CP No. (IB)-16/94/JPR/2022, under…
- **2022-05-30 — Order for Resolution…**: Adjudicating Authority appointed Mr. Vishnu…

## 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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