# In the matter of Central Bank of India Vs. A Dominic Savio, CP (IB)/217/CHE/2021

> NCLT judgment dated 2022-03-24. Citation: TCN-2022-NCLT-03550. The case involves an application filed by Central Bank of India under Section 95(1) of the…

- **Court:** NCLT
- **Order date:** 24 Mar 2022
- **Citation:** TCN-2022-NCLT-03550
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/central-bank-of-india-vs-a-dominic-savio-cp-ae55641a

## Summary

### Background

The case involves an application filed by Central Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against the personal guarantor, Mr. A. Dominic Savio, of Oceanic Edibles International Limited, a corporate debtor currently undergoing liquidation. The corporate debtor's CIRP commenced on 13.09.2017, and liquidation was ordered on 10.12.2018. The application is based on a Deed of Guarantee executed by the personal guarantor on 21.07.2014. The date of default is stated as 27.06.2019.

## Facts

Central Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. A. Dominic Savio, the personal guarantor of Oceanic Edibles International Limited. Oceanic Edibles International Limited, the corporate debtor, is undergoing liquidation, with CIRP having commenced on 13.09.2017 and liquidation ordered on 10.12.2018. Mr. Savio executed a Deed of Guarantee on 21.07.2014. The date of default, as per the application, is 27.06.2019. Mr. Savio contested the application, claiming it was barred by limitation, arguing that the date of default was wrongly stated by the applicant based on a Recovery Certificate from DRT-2 Chennai. He further argued that if the date of default was considered to be the date the corporate debtor's

…

## Issues and analysis

### Issue 1: Whether the application filed under Section 95(1) of the IBC, 2016, against the personal guarantor …

**Ratio:** Section 95(1) of the IBC, 2016, allows a creditor to initiate insolvency resolution

…

**Reasoning:** The court acknowledged the provision under Section 95(1) of the IBC, 2016, which permits

…

**Interpretation:** Section 95(1) provides a legal pathway for creditors to recover debts from

…

**Application:** The court applied the principle of Section 95(1) and the NCLAT's ruling to the

…

## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Appellants:** Central Bank of…
- **Respondents:** Oceanic Edibles…; Mr.A.Domini…

## Timeline

- **2017-09-13 — Commencement…**: CIRP commenced for Oceanic…
- **2018-12-10 — Liquidation…**: Liquidation was ordered for Oceanic…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/central-bank-of-india-vs-a-dominic-savio-cp-ae55641a