# In the matter of Bank of Baroda Ltd Vs. Viniet Kewalchand Jain, CP (IB) No-524 (MB)/2022

> NCLT judgment dated 2022-04-28. Citation: TCN-2022-NCLT-03007. The case involves a petition filed by Bank of Baroda Limited under Section 95(1) of the…

- **Court:** NCLT
- **Order date:** 28 Apr 2022
- **Citation:** TCN-2022-NCLT-03007
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-ltd-vs-viniet-kewalchand-jain-cp-110035f9

## Summary

### Background

The case involves a petition filed by Bank of Baroda Limited 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 the initiation of the Insolvency Resolution Process against the personal guarantor.

## 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 the initiation of the Insolvency Resolution Process. Mr. Kairav Trivedi appeared for the Petitioner. 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 was listed for further hearing on 2022-06-27 for submitting the report.

## Issues and analysis

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

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

…

**Reasoning:** The court acknowledges the provision under Section 95(1) of IBC, 2016, which allows for

…

**Interpretation:** Section 95(1) provides a legal basis for creditors to pursue insolvency

…

**Application:** The court applies Section 95(1) to the facts of the case, where Bank of Baroda,

…

## Parties

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

## Timeline

- **2022-04-28 — Hearing…**: Hearing of Mumbai Bench of the…
- **2022-04-28 — Order…**: Bank of Baroda Limited's petition against Mr. Viniet Kewalchand Jain, personal guarantor,…

## 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)

---

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/bank-of-baroda-ltd-vs-viniet-kewalchand-jain-cp-110035f9