# In the matter of Asset Reconstruction of India Limited vs. Gouri Prasad Goenka.

> NCLT judgment dated 2024-01-19. Citation: TCN-2024-NCLT-02974. The case involves a petition filed by Asset Reconstruction of India Limited (the 'Petitioner'),…

- **Court:** NCLT
- **Order date:** 19 Jan 2024
- **Citation:** TCN-2024-NCLT-02974
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/asset-reconstruction-of-india-limited-vs-gouri-prasad-goenka-9a0a70a3

## Summary

### Background

The case involves a petition filed by Asset Reconstruction of India Limited (the 'Petitioner'), a Non-Banking Finance Company, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Gouri Prasad Goenka, a personal guarantor to Duncan Industries Limited (the 'Corporate Debtor'). The Petitioner seeks to initiate the Insolvency Resolution Process against the personal guarantor due to the Corporate Debtor's failure to repay a debt amounting to Rs. 923,38,88,857.00. The Corporate Debtor had approached the applicant seeking grant of various financial facilities. On the representations made by the “Corporate Debtor", the Applicant extended various Credit facilities and granted Cash Credit Facility. As per the Credit Facility, Corporate Debtor was

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## Facts

Asset Reconstruction of India Limited, a Non-Banking Finance Company, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Gouri Prasad Goenka, who is the personal guarantor for Duncan Industries Limited, the Corporate Debtor. The Corporate Debtor owes Rs. 923,38,88,857.00 to the applicant. The Corporate Debtor had approached the applicant seeking grant of various financial facilities. On the representations made by the “Corporate Debtor", the Applicant extended various Credit facilities and granted Cash Credit Facility. As per the Credit Facility, Corporate Debtor was obliged to repay the Principal sum of loan along with interest in accordance with repayment schedule as set out in the agreement. The Deed of Guarantee was

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## Issues and analysis

### Issue 1: Whether the application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** Section 95(1) of the Insolvency and Bankruptcy Code, 2016, allows a creditor to file an

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**Reasoning:** The court considered the provisions of Section 95(1) of the IBC, 2016, and the relevant

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**Interpretation:** Section 95(1) provides a mechanism for creditors to recover their dues from

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**Application:** In this case, the applicant, Asset Reconstruction of India Limited, filed an

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** Asset Reconstructi…
- **Respondents:** Duncan Industries…; Gouri Prasad…

## Timeline

- **1999-09-23 — Execution of Deed of…**: The Deed of Guarantee was…
- **2020-11-05 — Demand Notice…**: The Applicant issued a Demand Notice in Form B under Rule 7(1) of the IB Rules, 2019, but…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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