# In the matter of Central Bank of India vs. Sameer Subhas Gujar

> NCLT judgment dated 2024-10-24. Citation: TCN-2024-NCLT-00356. The Central Bank of India filed a Company Petition for the initiation of the Corporate…

- **Court:** NCLT
- **Order date:** 24 Oct 2024
- **Citation:** TCN-2024-NCLT-00356
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/central-bank-of-india-vs-sameer-subhas-gujar-a4ab434e

## Summary

### Background

The Central Bank of India filed a Company Petition for the initiation of the Corporate Insolvency Resolution Process (CIRP) against Mr. Sameer Subhash Gujjar, the Personal Guarantor of the Corporate Debtor, M/s. Opal Luxury Time Products Ltd. The petition is based on a Deed of Guarantee dated 29.03.2012 and its invocation on 25.09.2019 due to unpaid debt.

## Facts

Central Bank of India filed a Company Petition to initiate Corporate Insolvency Resolution Process (CIRP) against Sameer Subhash Gujjar, the personal guarantor for Opal Luxury Time Products Ltd. The petition is based on a Deed of Guarantee dated 29.03.2012, invoked on 25.09.2019 due to unpaid debt. The default occurred on 04.10.2019, 10 days after the demand notice. The limitation period, which would have expired on 04.10.2022, was extended by the Supreme Court due to Covid-19. The court considered the Supreme Court's judgment in Arif Azim Company Limited Vs. Aptech Limited regarding the limitation period. The court also referred to Dilip B Jiwrajka Vs. Union of India & Ors. Writ Petition (Civil) No. 1281 of 2021, highlighting the role of the Resolution

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## Issues and analysis

### Issue 1: Whether the Company Petition filed by Central Bank of India for initiating CIRP against the …

**Ratio:** The court has the power to initiate CIRP against a personal guarantor if the application

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**Reasoning:** The court considered the submissions and documents presented, concluding that the Company

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**Interpretation:** The completeness of the application is a prerequisite for initiating CIRP. The

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**Application:** The court found the petition complete, satisfying the legal requirements for

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Central Bank of…
- **Respondents:** Opal Luxury Time…; Sameer Subhash…
- **Advocates:** Ruchita…

## Timeline

- **2012-03-29 — Deed of Gua…**: Deed of Guarantee executed between the…
- **2019-09-25 — Invocation of Deed of…**: Deed of Personal Guarantee invoked by the…

## 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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