# In the matter of Ankit Gupta CP No.(IB)-765(ND)2021

> NCLT judgment dated 2022-07-28. Citation: TCN-2022-NCLT-01540. The case involves an application filed by Mr. Ankit Gupta through his Resolution Professional,…

- **Court:** NCLT
- **Order date:** 28 Jul 2022
- **Citation:** TCN-2022-NCLT-01540
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ankit-gupta-cp-noib-765nd2021-f908f753

## Summary

### Background

The case involves an application filed by Mr. Ankit Gupta through his Resolution Professional, Mr. Dharm Vir Gupta, under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against himself as a personal guarantor to a corporate debtor. Mr. Gupta had provided a personal guarantee to secure financial assistance availed by M/s Gee Ispat Pvt. Ltd. from State Bank of India. The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Gee Ispat Private Limited ('Corporate Debtor') vide order dated 24.08.2017. Subsequently, a liquidation order was passed on 05.10.2018. Another Company Petition (IB) No.113 (ND)/2022 case titled State Bank of India through Chanchal Dua vs. Ankit Kumar Gupta was filed

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## Facts

Mr. Ankit Gupta provided a personal guarantee to secure financial assistance for M/s Gee Ispat Pvt. Ltd. from State Bank of India. M/s Gee Ispat Pvt. Ltd. defaulted on its debt repayment, leading to the initiation of Corporate Insolvency Resolution Process (CIRP) against it. A liquidation order was subsequently passed against the corporate debtor. Due to his personal incapacity to repay the debts of the Corporate Debtor, Mr. Gupta filed an application under Section 94(1) of the IBC to initiate an Insolvency Resolution Process against himself. Prior to this application, State Bank of India had already filed a Company Petition (IB) No.113 (ND)/2022 against Mr. Gupta under Section 95 of the Code. The interim moratorium stipulated under Section 96 of the Code had already

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## Issues and analysis

### Issue 1: Whether the application filed by Mr. Ankit Gupta under Section 94(1) of the IBC is maintainable, …

**Ratio:** The principle of res judicata and the avoidance of multiplicity of proceedings dictate

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**Reasoning:** The court reasoned that since another Company Petition (IB) No.113 (ND)/2022 had already

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**Interpretation:** Section 94(1) of the IBC allows a debtor to initiate insolvency proceedings.

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**Application:** The court applied the principle that since State Bank of India had already

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## Parties

- **Judges:** Sh. Dharminder…; SH. L. N.…
- **Appellants:** Ankit G…
- **Respondents:** M/s Gee Ispat…

## Timeline

- **2017-08-24 — CIRP Init…**: Corporate Insolvency Resolution Process…
- **2018-10-05 — Liquidation…**: Liquidation order passed against…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94(1) — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

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