# In the matter of Bank of Baroda Vs. Rajiv Rai, CP/89/IB/2021

> NCLT judgment dated 2022-06-20. Citation: TCN-2022-NCLT-02164. The case involves an application filed by Bank of Baroda, the Financial Creditor, under Section…

- **Court:** NCLT
- **Order date:** 20 Jun 2022
- **Citation:** TCN-2022-NCLT-02164
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-rajiv-rai-cp89ib2021-e9ab7d9b

## Summary

### Background

The case involves an application filed by Bank of Baroda, the Financial Creditor, under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Rajiv Rai, the Personal Guarantor, of SBQ Steels Limited, the Corporate Debtor. The Respondent raised a plea of limitation. The Corporate Debtor, SBQ Steels Limited, has already been dissolved by virtue of an order passed by the Tribunal on 2022-02-11.

## Facts

Bank of Baroda, as the Financial Creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Rajiv Rai, the Personal Guarantor of SBQ Steels Limited, the Corporate Debtor. The debt fell due on 2012-03-31, which is also the date of default. The application was filed on 2021-04-10. The Respondent raised a plea of limitation. The Corporate Debtor, SBQ Steels Limited, has already been dissolved by an order of the Tribunal dated 2022-02-11. The applicant failed to furnish the address and other details of the personal guarantor. A loan recall notice was issued on 2014-11-06.

## Issues and analysis

### Issue 1: Whether the application filed by the …

**Ratio:** Section 238A of the IBC, 2016, read with Article 136 of the Limitation Act, 1963, and

…

**Reasoning:** The Tribunal found that the debt fell due and the date of default was 2012-03-31, while

…

**Interpretation:** Section 238A of the IBC incorporates the provisions of the Limitation Act,

…

**Application:** The Tribunal applied the principle of limitation to the facts of the case and

…

## Parties

- **Judges:** (Retd.) S.…; Anil Ku…
- **Appellants:** Bank of B…
- **Respondents:** SBQ Steels…; Rajiv…

## Timeline

- **2012-03-31 — Date Debt Fell Due and…**: The date on which the debt fell due and…
- **2014-11-06 — Loan Recall Notice…**: A loan recall notice was…

## 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-rajiv-rai-cp89ib2021-e9ab7d9b