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

> NCLT judgment dated 2023-01-11. Citation: TCN-2023-NCLT-05100. 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-05100
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anshul-baldva-cp-ib-no-18941jpr2022-a583b4d5

## 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, with an outstanding amount of Rs. 16,73,10,124/-. The Resolution Professional (RP) filed a report under Section 99(1) of the IBC, recommending the admission of the application.

## Facts

Mr. Anshul Baldva filed an application under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process as a personal guarantor. He is the personal guarantor for M/s Baldva Textiles Private Limited, the corporate debtor. The debt in question amounts to Rs. 16,73,10,124/-, related to a credit facility from Punjab National Bank. The Resolution Professional (RP) appointed earlier, Mr. Vishnu Upadhyay, filed a report recommending the admission of the application. The RP's report indicated that Mr. Baldva defaulted on repayment, the debt is not excluded, the application was properly filed, and Mr. Baldva does not fall under any prohibiting criteria. In addition to the debt owed to Punjab National Bank, Mr. Baldva has also

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## Issues and analysis

### Issue 1: Whether the application filed by Mr. Anshul Baldva under Section 94 of the IBC for initiating the …

**Ratio:** The ratio is based on the satisfaction of conditions outlined in Section 94 and Section

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**Reasoning:** The court reasoned that the Resolution Professional's report confirmed that all

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**Interpretation:** Section 94 of the IBC allows a debtor to apply for initiation of the insolvency

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Anshul B…
- **Respondents:** M/s Baldva…

## Timeline

- **2022-05-30 — Appointment of…**: Mr. Vishnu Upadhyay was appointed as the…
- **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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