# In the matter of Anshul Baldva, CP (IB) No. 18/94(1)/JPR/2022

> NCLT judgment dated 2023-01-11. Citation: TCN-2023-NCLT-05106. The case pertains to an application filed by Mr. Anshul Baldva under Section 94 of the…

- **Court:** NCLT
- **Order date:** 11 Jan 2023
- **Citation:** TCN-2023-NCLT-05106
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anshul-baldva-cp-ib-no-18941jpr2022-01327e8e

## Summary

### Background

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

## Facts

Mr. Anshul Baldva filed an application under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the Insolvency Resolution Process as a personal guarantor to M/s Baldva Textiles Private Limited, the corporate debtor. The application pertains to a default on a credit facility extended by Punjab National Bank, amounting to Rs. 16,73,10,124/-. The Resolution Professional (RP) was appointed and filed a report recommending the admission of the application. The RP's report indicated that the personal guarantor had committed default in repayment of debts, the debts were not excluded debts, the application was duly filed in the prescribed format, and the debtor did not fall under any prohibiting criteria. The applicant also defaulted in making

…

## Issues and analysis

### Issue 1: Whether the application filed by Mr. Anshul Baldva under Section 94 of the IBC should be admitted …

**Ratio:** Section 100 of the IBC allows for the admission of an application filed under Section 94

…

**Reasoning:** The Resolution Professional submitted a report recommending the admission of the

…

**Interpretation:** Section 94 read with Section 100 of the IBC provides a mechanism for initiating

…

**Application:** Based on the Resolution Professional's report and the compliance with the

…

## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Anshul B…
- **Respondents:** M/s Baldva…
- **Advocates:** Anurag Kala…; Akshita K…; +3 more

## Timeline

- **2022-05-30 — Appointment of…**: Mr. Vishnu Upadhyay was appointed as the Resolution Professional vide order dated…
- **2023-01-11 — Order Pron…**: The order was pronounced on 11.01.2023, admitting the application under Section 94 of the…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anshul-baldva-cp-ib-no-18941jpr2022-01327e8e