# In the matter of Catalyst Trusteeship Limited vs. Mr. G Yoganand

> NCLT judgment dated 2024-02-27. Citation: TCN-2024-NCLT-02372. The case involves an application (IA 1594/2023) filed by the personal guarantor seeking to…

- **Court:** NCLT
- **Order date:** 27 Feb 2024
- **Citation:** TCN-2024-NCLT-02372
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/catalyst-trusteeship-limited-vs-mr-g-yoganand-07f06bb5

## Summary

### Background

The case involves an application (IA 1594/2023) filed by the personal guarantor seeking to reopen the matter and advance additional submissions in a case under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant argued that NCLT Hyderabad Bench-I lacked jurisdiction because insolvency proceedings for the Corporate Debtor were pending before Bench-II. The applicant relied on NCLAT judgments stating that applications under Section 95(1) should be heard by the same bench considering the corporate debtor's insolvency resolution or liquidation.

## Facts

M/s. Catalyst Trusteeship Limited, the petitioner, initiated proceedings against Mr. G Yoganand (Manjeera Retail Holdings Pvt Ltd), the respondent, under Section 95 of the IBC, 2016. The personal guarantor filed an application (IA 1594/2023) seeking to reopen the matter and advance additional submissions, arguing that NCLT Hyderabad Bench-I lacked jurisdiction because insolvency proceedings for the Corporate Debtor were pending before Bench-II. The applicant relied on NCLAT judgments stating that applications under Section 95(1) should be heard by the same bench considering the corporate debtor's insolvency resolution or liquidation. The respondent/financial creditor resisted the application, contending that Section 60(1) of the IBC states that the Adjudicating

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## Issues and analysis

### Issue 1: Whether Section 60(2) of the IBC contemplate filing of Section 95 application in the same court …

**Ratio:** The ratio is that Section 95 applications can be entertained by another court of the same

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**Reasoning:** The court reasoned that the three-member bench ruling in Bhavesh Harkishandas Mehta

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**Interpretation:** The interpretation of Section 60(2) is that it does not mandate that the

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**Application:** In this case, the court applied the ratio and reasoning to the fact that the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** M/s. Catalyst…
- **Respondents:** Manjeera Retail…; G Yoganand…

## Timeline

- **2024-02-27 — Hearing…**: Hearing held on…
- **2024-04-15 — Adjournmen…**: Matter stands adjourned…

## 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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