# In the matter of CFM Asset Reconstructions Pvt Ltd Vs. Ankur Jain, CP (IB) No. 456(PB)/2021

> NCLT judgment dated 2022-02-18. Citation: TCN-2022-NCLT-04074. The financial creditor filed an application under Section 95 of the IBC, 2016, to initiate…

- **Court:** NCLT
- **Order date:** 18 Feb 2022
- **Citation:** TCN-2022-NCLT-04074
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cfm-asset-reconstructions-pvt-ltd-vs-ankur-jain-cp-1a5bdefd

## Summary

### Background

The financial creditor filed an application under Section 95 of the IBC, 2016, to initiate insolvency resolution process against the personal guarantor of the corporate debtor due to an outstanding debt.

## Facts

M/s. CFM Asset Reconstruction Private Limited, the financial creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. This application was against Mr. Ankur Jain, who is the personal guarantor to the corporate debtor, M/s. Noida Software Technology Park Limited. The application seeks to initiate an Insolvency Resolution Process against Mr. Ankur Jain for an outstanding debt of Rs. 45,48,23,552.53 as of March 15, 2021, due from the corporate debtor. The corporate debtor was initially granted a Term Loan of Rs. 25,00,00,000.00 on March 4, 2013. This loan

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## Issues and analysis

### Issue 1: Whether the application for initiating insolvency resolution process against the personal guarantor …

**Ratio:** The application is maintainable as it complies with the procedural requirements of

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**Reasoning:** The application was filed by the financial creditor under Section 95 of the IBC, 2016,

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**Interpretation:** Section 95 allows a financial creditor to initiate an insolvency resolution

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**Application:** The financial creditor, CFM Asset Reconstruction Private Limited, correctly

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## Parties

- **Judges:** Ramalingam…; HEMANT KUMAR…
- **Appellants:** CFM Asset…
- **Respondents:** M/s. Noida…; ANKUR…
- **Advocates:** Ruchi K…; Srishti M…; +1 more

## Timeline

- **March 4, 2013 — Term Loan G…**: Corporate Debtor granted a Term Loan of Rs. 25,00,00,000.00. Mr. Ankur Jain also tendered…
- **March 28, 2015 — Loan Restru…**: Loan restructured to Rs. 22,45,00,000.00 as…

## 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)

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