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

> NCLT judgment dated 2024-10-24. Citation: TCN-2024-NCLT-00358. 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-00358
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/central-bank-of-india-vs-sameer-subhash-gujar-94142a71

## 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 executed between the Petitioner and the Personal Guarantor. The Financial Creditor invoked the Deed of Personal Guarantee via a demand notice due to unpaid debt in default from M/s. Opal Luxury Time Products Ltd.

## Facts

The Central Bank of India filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Mr. Sameer Subhash Gujjar, who is the personal guarantor for M/s. Opal Luxury Time Products Ltd. The petition is based on a Deed of Guarantee dated 29.03.2012. A demand notice was issued on 25.09.2019 for unpaid debt. The default occurred on 04.10.2019, 10 days after the demand notice. The limitation period was initially set to expire on 04.10.2022, but was extended due to the Supreme Court's suo-moto action related to Covid-19. The Hon'ble Supreme Court in Dilip B Jiwrajka Vs. Union of India & Ors. Writ Petition (Civil) No. 1281 of 2021 decided on 09.11.2023 held that no judicial adjudication is involved at the stages envisaged in Section 95 to Section 99

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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 has the power to initiate CIRP if the application is complete in all aspects as

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**Reasoning:** The court considered the submissions and

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**Interpretation:** The completeness of the application is

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**Application:** The court found the application to be complete, thus satisfying the

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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 Central…
- **2019-09-25 — Demand N…**: Invocation of Deed of Personal Guarantee by…

## 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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