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

> NCLT judgment dated 2024-02-28. Citation: TCN-2024-NCLT-02334. The case pertains to an application filed under Section 95 read with Section 99 of the…

- **Court:** NCLT
- **Order date:** 28 Feb 2024
- **Citation:** TCN-2024-NCLT-02334
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-hari-singh-thakur-94503c63

## Summary

### Background

The case pertains to an application filed under Section 95 read with Section 99 of the Insolvency and Bankruptcy Code (IBC), 2016, specifically IA-3063/2022. This application is a report filed by the Resolution Professional, Mr. Sandeep Kumar Bhatt, who was appointed by the Tribunal. The original petition, IB/187/ND/2022, was filed by Bank of Baroda under Section 95 of the IBC, 2016, against Mr. Hari Singh Thakur, the personal guarantor for credit facilities availed by M/s. Aastha Surgimed Limited (Corporate Debtor). The outstanding amount was Rs. 5,21,91,526.47 as of August 31, 2021. The Resolution Professional filed a report under Section 99 of IBC, 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 acted as the personal guarantor for credit facilities availed by M/s. Aastha Surgimed Limited (the Corporate Debtor). The outstanding amount was Rs. 5,21,91,526.47 as of August 31, 2021. Mr. Sandeep Kumar Bhatt, the Resolution Professional, filed a report under Section 99 of the IBC, recommending the admission of the application. The Adjudicating Authority observed that Mr. Thakur had been given opportunities to argue the matter subject to payment of costs, but he failed to comply with these orders. The Resolution Professional did not request instructions for negotiations between the debtor and creditors. The debt was proven and acknowledged

…

## Issues and analysis

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

**Ratio:** Section 95 of the IBC, 2016, allows a creditor to file an application for initiating the

…

**Reasoning:** The Adjudicating Authority considered the report submitted by the Resolution

…

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

…

**Application:** The Adjudicating Authority, based on the Resolution Professional's report and

…

## Parties

- **Judges:** SH. MANNI…; DR.SANJEEV…
- **Appellants:** Bank of B…
- **Respondents:** M/s. Aastha…; Hari Singh…

## Timeline

- **2021-08-31 — Outstanding…**: Outstanding amount of Rs.…
- **2022-03-29 — RP Appoin…**: Mr. Sandeep Kumar Bhatt appointed as Resolution…

## 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)

---

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-vs-hari-singh-thakur-94503c63