# In the matter of Creative Capital Services Limited vs. Alka Goyal

> NCLT judgment dated 2024-02-09. Citation: TCN-2024-NCLT-02680. Creative Capital Services Limited filed an application under Section 95(1) of the Insolvency…

- **Court:** NCLT
- **Order date:** 9 Feb 2024
- **Citation:** TCN-2024-NCLT-02680
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/creative-capital-services-limited-vs-alka-goyal-c77fe9f3

## Summary

### Background

Creative Capital Services Limited filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7 of the Insolvency and Bankruptcy Rules, 2019, to initiate the Insolvency Resolution Process against Alka Goyal (Akshaj Hi-Tech Infrastructure Private Limited), who is a personal guarantor to the corporate debtor, Akshaj Hi-Tech Infrastructure Private Limited. The applicant's counsel stated that a Demand Notice dated 19.08.2022 was issued to the personal guarantor demanding payment of the amount in default, as per Form-B, which was enclosed with the application.

## Facts

Creative Capital Services Limited, the applicant/financial creditor, filed an application under Section 95(1) of the IBC, 2016, read with Rule 7 of the Insolvency and Bankruptcy Rules, 2019, against Alka Goyal (Akshaj Hi-Tech Infrastructure Private Limited), the respondent/personal guarantor, seeking to initiate the Insolvency Resolution Process. Alka Goyal is a personal guarantor to Akshaj Hi-Tech Infrastructure Private Limited, the corporate debtor. A Demand Notice dated 19.08.2022 was issued to the personal guarantor under Section 95(4)(b) of the IBC, read with Rule 7, demanding payment of the amount in default. The application included the Demand Notice in Form-B as Annexure-4. The court noted that upon filing the application, an interim moratorium under Section

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## Issues and analysis

### Issue 1: Whether the application filed by Creative Capital Services Limited under Section 95(1) of the IBC, …

**Ratio:** Section 95(1) of the IBC, 2016, allows a creditor to apply for initiating the insolvency

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**Reasoning:** The court considered the application filed by Creative Capital Services Limited, noting

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

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**Application:** The court found that the application was filed in accordance with Section 95(1)

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** Creative Capital…
- **Respondents:** Akshaj Hi-Tech…; Alka G…

## Timeline

- **2022-08-19 — Demand Noti…**: Demand Notice was issued to the personal guarantor, Alka Goyal, under Section 95(4)(b) of…
- **2023-11-09 — Supreme Court…**: Hon'ble Supreme Court of India delivered a Judgment in a Batch of 384 petitions including…

## 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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