# In the matter of Bank of Baroda vs. Hari Singh Thakur

> NCLT judgment dated 2024-02-28. Citation: TCN-2024-NCLT-02331. The case involves an application filed under Section 95 read with Section 99 of the Insolvency…

- **Court:** NCLT
- **Order date:** 28 Feb 2024
- **Citation:** TCN-2024-NCLT-02331
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-hari-singh-thakur-5b568b58

## Summary

### Background

The case involves an application filed under Section 95 read with Section 99 of the Insolvency and Bankruptcy Code (IBC), 2016. Bank of Baroda filed a petition under Section 95 of the IBC against Mr. Hari Singh Thakur, who is the personal guarantor for credit facilities availed by M/s. Aastha Surgimed Limited (Corporate Debtor). The Resolution Professional, Mr. Sandeep Kumar Bhatt, filed a report recommending the admission of the application.

## Facts

Bank of Baroda filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Hari Singh Thakur, who is the personal guarantor for the credit facilities availed by M/s. Aastha Surgimed Limited (Corporate Debtor). The total outstanding amount was Rs. 5,21,91,526.47/- as on 31.08.2021. Mr. Sandeep Kumar Bhatt, the Resolution Professional, filed a report recommending the admission of the application. The Adjudicating Authority observed that the debt was proved, owed by the Corporate Debtor, and acknowledged by the Guarantor. The Guarantor failed to repay the debt within 14 days of the demand notice. The Adjudicating Authority also considered previous orders regarding cost payments, which were not complied with.

## Issues and analysis

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

**Ratio:** Section 95 read with Section 99 of the Insolvency and Bankruptcy Code, 2016, allows for

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**Reasoning:** The Adjudicating Authority relied on the report submitted by the Resolution Professional,

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**Interpretation:** Section 95 and 99 of the IBC provide a mechanism for creditors to initiate

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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:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** Bank of B…
- **Respondents:** Aastha Surgimed…; Hari Singh…
- **Advocates:** Mohit Nan…

## Timeline

- **2021-08-31 — Outstanding…**: Total outstanding amount of Rs.…
- **2022-03-29 — Order Da…**: Tribunal appointed Mr. Sandeep Kumar Bhatt as Resolution Professional vide order dated…

## Legal provisions

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

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