# In the matter of Bank of Baroda vs. Zulekha Amir Dodhi

> NCLT judgment dated 2024-02-01. Citation: TCN-2024-NCLT-02804. The application was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read…

- **Court:** NCLT
- **Order date:** 1 Feb 2024
- **Citation:** TCN-2024-NCLT-02804
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bank-of-baroda-vs-zulekha-amir-dodhi-acfc97ee

## Summary

### Background

The application was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, by Bank of Baroda, the Financial Creditor, to initiate the insolvency resolution process against Mrs. Zulekha Amir Dodhia, the Personal Guarantor, for recovery of Rs. 50,14,15,575 as of 31.10.2020 plus unapplied interest. The date of default was stated to be 10.02.2018. The Corporate Debtor was brought under CIRP under Section 7 of the IBC vide order dated 25.09.2019. The Resolution Professional was appointed on 08.03.2022.

## Facts

Bank of Baroda filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Mrs. Zulekha Amir Dodhia, the Personal Guarantor, for recovery of Rs. 50,14,15,575 as of 31.10.2020 plus unapplied interest. The date of default was stated to be 10.02.2018. The Corporate Debtor was brought under CIRP under Section 7 of the IBC vide order dated 25.09.2019. Letters of Guarantee dated 23.04.2015 and 18.01.2016 were executed by the Personal Guarantors in favor of Bank of Baroda for Rs. 27,19,00,000/- and 30,00,00,000/-. A Supplemental Composite Agreement of Hypothecation of Goods, Book Debts & Moveable Machinery dated 18.01.2016 was executed between Corporate Debtor and Financial Creditor for securing

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## Issues and analysis

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

**Ratio:** The limitation period for invoking a

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**Reasoning:** The bench held that the guarantee was invoked on 12.12.2017, and the limitation began on

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**Interpretation:** The invocation of the guarantee triggers the start of the limitation period.

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**Application:** Since the invocation of guarantee was on 12.12.2017 and the present Company

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Shailesh Bhalchand…
- **Respondents:** Zulekha Amir…

## Timeline

- **2018-02-10 — Date of D…**: The date of default is…
- **2019-09-25 — CIRP Ord…**: The Corporate Debtor was brought under CIRP under Section 7 of the IBC vide order dated…

## 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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