# In the matter of Bank of Baroda vs. K Gangaprasad

> NCLT judgment dated 2024-02-16. Citation: TCN-2024-NCLT-02557. The case involves an application filed by Bank of Baroda under Section 95(1) of the Insolvency…

- **Court:** NCLT
- **Order date:** 16 Feb 2024
- **Citation:** TCN-2024-NCLT-02557
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-k-gangaprasad-223e13cf

## Summary

### Background

The case involves an application filed by Bank of Baroda under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against K Gangaprasad, the personal guarantor of M/s. GVR Infra Projects Limited. CIRP was initiated against GVR Infra Projects Limited vide an order dated 17.10.2018 in CP/941/(IB)/2018. The corporate debtor is currently under liquidation before Court – II of the Tribunal.

## Facts

Bank of Baroda filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate Insolvency Resolution Process against K Gangaprasad, the personal guarantor of M/s. GVR Infra Projects Limited. The corporate debtor, GVR Infra Projects Limited, had taken credit facilities from Bank of Baroda, and K Gangaprasad had provided a personal guarantee for the loan. The corporate debtor defaulted on the repayment of the debt. The total debt was Rs.234,47,71,269/-, and the default amount was Rs. 196,07,19,882/-. The date of default was 12.08.2020. CIRP had been initiated against GVR Infra Projects Limited vide an order dated 17.10.2018 in CP/941/(IB)/2018, and the company is currently under liquidation before Court – II of the Tribunal. The

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## Issues and analysis

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

**Ratio:** Section 95 of the IBC allows a creditor to apply for initiating an Insolvency Resolution

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**Reasoning:** The court considered the averments made in the application, the documents placed on

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**Interpretation:** Section 95 of the IBC provides a mechanism for creditors to initiate insolvency

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**Application:** In this case, Bank of Baroda, as the financial creditor, filed an application

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** Bank of B…
- **Respondents:** M/s. GVR Infra…; K Gangap…

## Timeline

- **2018-10-17 — CIRP Init…**: CIRP was initiated against GVR Infra Projects Limited vide an order dated 17.10.2018 in…
- **2020-08-12 — Date of D…**: The date of default was…

## 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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