# In the matter of Central Bank of India vs. Salil Anupendra Chaturvedi

> NCLT judgment dated 2024-03-14. Citation: TCN-2024-NCLT-02042. The case involves a petition filed by Central Bank of India under Section 95(1) of the…

- **Court:** NCLT
- **Order date:** 14 Mar 2024
- **Citation:** TCN-2024-NCLT-02042
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/central-bank-of-india-vs-salil-anupendra-chaturvedi-3ac59347

## Summary

### Background

The case involves a petition filed by Central Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the insolvency resolution process against Salil Anupendra Chaturvedi, the personal guarantor of M/s. Provogue (India) Limited. The Corporate Debtor had availed credit facilities from the Petitioner, which were guaranteed by the Respondent. Upon default by the Corporate Debtor, the Financial Creditor issued a demand notice to the Personal Guarantor, who failed to repay the debt, leading to the filing of the petition.

## Facts

Central Bank of India, the Financial Creditor, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate insolvency resolution process against Salil Anupendra Chaturvedi, the Personal Guarantor of M/s. Provogue (India) Limited, the Corporate Debtor. The Petitioner had sanctioned credit facilities to the Corporate Debtor, including CC/PC/EBD/LC Facility and Non-Fund based working Capital Limit, amounting to Rs. 31.50 Crore and Rs. 12 Crore respectively, which were later revised to Rs. 34 Crore and Rs. 6 Crore. The Respondent, in his personal capacity, guaranteed the repayment of these facilities. The Corporate Debtor defaulted on the repayment, leading to the Loan Account being classified as NPA. The Financial Creditor issued a Demand

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## Issues and analysis

### Issue 1: Whether the petition for initiating insolvency resolution process against the Personal Guarantor is …

**Ratio:** The court relied on Section 95(1) of the Insolvency and Bankruptcy Code, 2016, which

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**Reasoning:** The Tribunal considered the documents and submissions made by the Financial Creditor and

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**Interpretation:** Section 95(1) of the IBC provides a mechanism for financial creditors to

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**Application:** The court applied Section 95(1) of the IBC to the facts of the case, where the

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## Parties

- **Judges:** Charanjeet Singh…; KISHORE VEMULAPALL…
- **Appellants:** Central Bank of…
- **Respondents:** Provogue (India)…; Salil Anupendra…

## Timeline

- **2012-03-27 — Loan San…**: Petitioner sanctioned CC/PC/EBD/LC Facility to the limit of Rs. 31.50 Crore and Non-Fund…
- **2013-05-31 — Revised Loan…**: Petitioner revised/enhanced the CC/PC/EBD/LC Facility to the limit of Rs. 34 Crore and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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