# In the matter of Bank of Baroda Vs. Jaishree, CP (IB) -190/ND/2022

> NCLT judgment dated 2022-03-29. Citation: TCN-2022-NCLT-03490. This is an application filed under Section 95 of the Code against the personal guarantor, Mr.…

- **Court:** NCLT
- **Order date:** 29 Mar 2022
- **Citation:** TCN-2022-NCLT-03490
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-jaishree-cp-9e1253f3

## Summary

### Background

This is an application filed under Section 95 of the Code against the personal guarantor, Mr. Sandeep Kumar Bhatt. The applicant's counsel submitted that the Demand Notice in Form-B has already been served to the personal guarantor. The counsel seeks to pass an order as required under Section 96 & 97.

## Facts

An application was filed under Section 95 of the Code against the personal guarantor, Mr. Sandeep Kumar Bhatt. The applicant's counsel stated that the Demand Notice in Form-B had been served to the personal guarantor. The counsel sought an order under Section 96 & 97. The court initiated an interim moratorium under section 96 and appointed Mr. Sandeep Kumar Bhatt as the interim resolution professional. Mr. Sandeep Kumar Bhatt is required to file a report within 4 weeks. A notice to the Personal Guarantor was issued. The case was listed on 19.05.2022 for further proceedings. The key fact is the application against the personal guarantor and the subsequent initiation of the interim moratorium.

## Issues and analysis

### Issue 1: Whether an interim moratorium should be initiated under Section 96 of the Code against the personal …

**Ratio:** Section 96 of the Code allows for the initiation of an interim moratorium upon the filing

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**Reasoning:** The court considered the application filed under Section 95 and the submission by the

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**Interpretation:** Section 96 provides the legal basis for initiating an interim moratorium when

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**Application:** The court applied Section 96 to the facts of the case, where an application

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## Parties

- **Judges:** DHARMINDER…; SUMITA PURK…; +1 more
- **Appellants:** Bank of B…
- **Respondents:** Jaish…
- **Advocates:** Mohit Nan…; Manoj Kuma…; +2 more

## Timeline

- **2022-03-29 — Order Del…**: Order delivered by the…
- **2022-05-19 — Next Hea…**: Case listed for further…

## 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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