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

> NCLT judgment dated 2023-12-21. Citation: TCN-2023-NCLT-00083. 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-00083
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ca-rajmohan-r-vs-dhanlaxmi-bank-limited-88a316d4

## 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, under Section 112 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 20 of the IBBI (Insolvency Resolution Process to Personal Guarantor to Corporate Debtors) Regulations, 2019. The RP sought to take on record reports indicating that the personal guarantors failed to submit a repayment plan within the stipulated time.

## Facts

Dhanlaxmi Bank Limited, the financial creditor, initiated Corporate Insolvency Resolution Processes (CIRP) against Dr. Bharath Chandran and Dr. Asalatha Nair, who are personal guarantors to the corporate debtor, M/s. Trivandrum International Health Services Ltd. The CIRP was initiated under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The NCLT admitted the Insolvency Resolution Process of the Personal Guarantors vide order dated 05.05.2022 in CP(IB)/23/KOB/2022 and CP(IB)/24/KOB/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 NCLT, stating that the personal guarantors failed to submit a repayment plan despite extensions of time. The Meeting of

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## Issues and analysis

### Issue 1: Whether the Resolution Professional's report, indicating the personal guarantors' failure to submit …

**Ratio:** Section 115(2) of the IBC 2016 allows the Adjudicating Authority to pass further orders

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**Reasoning:** The court reasoned that the personal guarantors failed to submit a repayment plan despite

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

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**Application:** The court applied the ratio by taking the RP's report on file, acknowledging

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## Parties

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

## Timeline

- **2022-05-05 — Admission of Insolvency…**: 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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