# In the matter of Bank of Baroda Ltd Vs. Viniet Kewalchand Jain, CP (IB)-524(MB)/2022

> NCLT judgment dated 2022-04-28. Citation: TCN-2022-NCLT-03005. The case involves a Company Petition filed by Bank of Baroda Limited under Section 95(1) of the…

- **Court:** NCLT
- **Order date:** 28 Apr 2022
- **Citation:** TCN-2022-NCLT-03005
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-ltd-vs-viniet-kewalchand-jain-cp-00d71c2b

## Summary

### Background

The case involves a Company Petition filed by Bank of Baroda Limited under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, through Resolution Professional, Mr. Kairav Anil Trivedi, against Mr. Viniet Kewalchand Jain, who is the Personal Guarantor to two Corporate Debtors, M/S Datsun Fashion Limited and M/S Rolson Synthetics Private Limited, for initiation of Insolvency Resolution Process.

## Facts

Bank of Baroda Limited filed a Company Petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Viniet Kewalchand Jain, who is a personal guarantor to two corporate debtors, M/S Datsun Fashion Limited and M/S Rolson Synthetics Private Limited. The petition seeks to initiate the Insolvency Resolution Process against the personal guarantor. Mr. Kairav Anil Trivedi is the Resolution Professional representing Bank of Baroda. The court appointed Mr. Kairav Anil Trivedi as the Interim Resolution Professional (IRP) and directed him to examine the petition and submit a report within 10 days. The matter is listed on 2022-06-27 for submitting the report.

## Issues and analysis

### Issue 1: Whether the Company Petition filed by Bank of Baroda Limited under Section 95(1) of the Insolvency …

**Ratio:** Section 95(1) of the Insolvency and Bankruptcy Code, 2016, allows creditors to initiate

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**Reasoning:** The court considered the petition filed by Bank of Baroda under Section 95(1) of the IBC,

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

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**Application:** The court acknowledged the applicability of Section 95(1) to the case, as the

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## Parties

- **Judges:** H.V. Subb…; Chandra Bha…
- **Appellants:** Bank of Baroda…
- **Respondents:** M/S Datsun…; Viniet Kewalchand…
- **Advocates:** Kairav Tr…

## Timeline

- **2022-04-28 — Hearing…**: Hearing of Mumbai Bench of the…
- **2022-06-27 — Next Hearin…**: Matter listed for submitting report by…

## 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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