# In the matter of Bank of Baroda vs. Raju Petta Hanumantha Kashturi Reddy

> NCLT judgment dated 2024-01-11. Citation: TCN-2024-NCLT-03169. This is a Company Petition filed by Bank of Baroda under Section 95(1) of the I&B Code, 2016,…

- **Court:** NCLT
- **Order date:** 11 Jan 2024
- **Citation:** TCN-2024-NCLT-03169
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-raju-petta-hanumantha-kashturi-reddy-7498aece

## Summary

### Background

This is a Company Petition filed by Bank of Baroda under Section 95(1) of the I&B Code, 2016, seeking to initiate Insolvency Resolution Process against Smt. Raju Petta Hanumantha Kashturi Reddy, the Personal Guarantor. The Demand Notice dated 15.11.2021 was successfully delivered upon the Personal Guarantor on 17.11.2021. A copy of the Petition along with notice was successfully delivered upon the Personal Guarantor on 31.05.2022 through e-mail.

## Facts

Bank of Baroda filed a Company Petition under Section 95(1) of the I&B Code, 2016, to initiate the Insolvency Resolution Process against Smt. Raju Petta Hanumantha Kashturi Reddy, who is the Personal Guarantor. The Demand Notice was successfully delivered to the Personal Guarantor on 17.11.2021, and a copy of the Petition along with notice was delivered on 31.05.2022. The Personal Guarantor did not respond or pay the amount due. The Financial Creditor proposed the name of Shri Ramratan Kanoongo as the Resolution Professional. The interim-moratorium under Section 96(1)(a) of the I&B Code, 2016 has commenced on the date of filing of this Application by the Financial Creditor.

## Issues and analysis

### Issue 1: Whether the application to initiate Insolvency Resolution Process against the Personal Guarantor, …

**Ratio:** Section 95(1) of the I&B Code, 2016 allows a creditor to apply to the Adjudicating

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**Reasoning:** The court considered the application filed by Bank of Baroda, the Financial Creditor,

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**Interpretation:** Section 95(1) provides a mechanism for creditors to initiate insolvency

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**Application:** The court found that the application was valid as it was filed by a Financial

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** Bank of B…
- **Respondents:** Raju Petta…

## Timeline

- **2021-11-15 — Demand Noti…**: Demand Notice was issued to…
- **2021-11-17 — Demand Notice…**: Demand Notice was successfully…

## 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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