# In the matter of CA Rajmohan R vs. Dhanlaxmi Bank Limited

> NCLT judgment dated 2023-12-21. Citation: TCN-2023-NCLT-00092. The case involves Interlocutory Applications (IA(IBC)/277/KOB/2023 and IA(IBC)/278/KOB/2023)…

- **Court:** NCLT
- **Order date:** 21 Dec 2023
- **Citation:** TCN-2023-NCLT-00092
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ca-rajmohan-r-vs-dhanlaxmi-bank-limited-6dc954db

## Summary

### Background

The case involves Interlocutory Applications (IA(IBC)/277/KOB/2023 and IA(IBC)/278/KOB/2023) filed in connection with Corporate Insolvency Resolution Processes (CIRP) initiated against personal guarantors (Dr. Bharath Chandran and Dr. Asalatha Nair) of a corporate debtor, M/s. Trivandrum International Health Services Ltd. The applications were filed by the Resolution Professional (RP) of Dhanlaxmi Bank Limited, the financial creditor, seeking to take on record reports indicating the personal guarantors' failure to submit a repayment plan within the stipulated time. The CIRP against the personal guarantors was admitted by the Tribunal on 05.05.2022.

## Facts

Dhanlaxmi Bank Limited, as the Financial Creditor, initiated Corporate Insolvency Resolution Processes (CIRP) against Dr. Bharath Chandran and Dr. Asalatha Nair, who are the Personal Guarantors to the Corporate Debtor, M/s. Trivandrum International Health Services Ltd. The CIRP was admitted on 05.05.2022. The Resolution Professional (RP) made a public announcement inviting claims on 25.12.2022. The RP prepared a list of claims and filed reports before the Tribunal, stating that the Personal Guarantors failed to submit a repayment plan even after an extension of time. The Meeting of Creditors resolved to file a report before the Adjudicating Authority that no repayment plan had been received. The Personal Guarantors, through their counsel, filed a counter affidavit,

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## Issues and analysis

### Issue 1: Whether the reports submitted by the Resolution Professional regarding the personal guarantors' …

**Ratio:** Section 115(2) of the IBC, 2016 allows for further orders to be passed when no repayment

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**Reasoning:** The Tribunal noted that the personal guarantors failed to submit a repayment plan despite

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**Interpretation:** Section 115(2) provides the Adjudicating Authority with the power to proceed

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**Application:** The Tribunal applied the ratio of Section 115(2) to the facts of the case,

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## Parties

- **Judges:** TMT. Justice T…; Shri. Shyam Babu…
- **Appellants:** CA Rajmoh…
- **Respondents:** M/s. Trivandrum…; Bharath Ch…

## Timeline

- **2022-05-05 — Admission o…**: The Tribunal admitted the Insolvency Resolution Process of the Personal Guarantors, Dr…
- **2022-12-25 — Public Annou…**: The Resolution Professional made a…

## 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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