# In the matter of Central Bank of India Vs. Sanjukta Vohra, CP(IB)/191(KB)/2021

> NCLT judgment dated 2022-02-28. Citation: TCN-2022-NCLT-03952. Central Bank of India, Stressed Asset Management Branch (SAMB) filed an application under…

- **Court:** NCLT
- **Order date:** 28 Feb 2022
- **Citation:** TCN-2022-NCLT-03952
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/central-bank-of-india-vs-sanjukta-vohra-cp-8095bf01

## Summary

### Background

Central Bank of India, Stressed Asset Management Branch (SAMB) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against the personal guarantor, Mrs. Sanjukta Vohra, who is a director of Bengal India Global Infrastructure Limited. The application was filed due to the failure of the personal guarantor to pay a sum of Rupees Five hundred forty six crore fifty one lakh only, as on 09 December, 2020, against the personal guarantee. The Corporate Debtor had approached the Petitioner for grant of Non Fund based Credit Facilities in the nature of Letters of Credit for its business purpose and the same was sanctioned on 11 September, 2006. The Credit Facility was last renewed and sanctioned on 01

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## Facts

Central Bank of India, Stressed Asset Management Branch (SAMB) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mrs. Sanjukta Vohra, the personal guarantor of Bengal India Global Infrastructure Limited. The application was filed because of the failure of the personal guarantor to pay Rupees Five hundred forty six crore fifty one lakh only, as on 09 December, 2020, against the personal guarantee. The Corporate Debtor had approached the Petitioner for grant of Non Fund based Credit Facilities in the nature of Letters of Credit for its business purpose and the same was sanctioned on 11 September, 2006. The Credit Facility was last renewed and sanctioned on 01 October, 2012, with

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## Issues and analysis

### Issue 1: Whether the application filed by the Central Bank of India, Stressed Asset Management Branch (SAMB) …

**Ratio:** The application must be complete and properly authorized to be maintainable under the

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**Reasoning:** The court found that the application lacked proper authorization from the Financial

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**Interpretation:** The court interpreted the requirements of the Insolvency and Bankruptcy Code to

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**Application:** The court applied the ratio to the facts of the case, finding that the

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Central Bank of…
- **Respondents:** Bengal India…; Sanjukta…

## Timeline

- **2006-09-11 — Sanction of Credit…**: The Corporate Debtor approached the Petitioner for grant of Non Fund based Credit…
- **2012-10-01 — Renewal of Credit…**: The Credit Facility was last renewed and sanctioned with total sanctioning limit to 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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