# In the matter of Dhanlaxmi Bank Ltd. vs. Bharath Chandran & Anr

> NCLT judgment dated 2023-12-21. Citation: TCN-2023-NCLT-00079. The case involves Interlocutory Applications (IA(IBC)/277/KOB/2023 and IA(IBC)/278/KOB/2023)…

- **Court:** NCLT
- **Order date:** 21 Dec 2023
- **Citation:** TCN-2023-NCLT-00079
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dhanlaxmi-bank-ltd-vs-bharath-chandran-anr-a76170d9

## Summary

### Background

The case involves Interlocutory Applications (IA(IBC)/277/KOB/2023 and IA(IBC)/278/KOB/2023) filed in connection with Corporate Insolvency Resolution Processes (CIRP) initiated against personal guarantors (Dr. Bharath Chandran and Dr. Asalatha Nair) of a corporate debtor, M/s. Trivandrum International Health Services Ltd. These applications were filed under Section 112 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 20 of the IBBI (Insolvency Resolution Process to Personal Guarantor to Corporate Debtors) Regulations, 2019. The Resolution Professional (RP) sought to take on record reports indicating the personal guarantors' failure to submit a repayment plan within the stipulated time.

## Facts

Dhanlaxmi Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against the personal guarantors, Dr. Bharath Chandran and Dr. Asalatha Nair, of M/s. Trivandrum International Health Services Ltd. The CIRP was admitted by the NCLT vide order dated 05.05.2022 in CP(IB)/23/KOB/2022 and CP(IB)/24/KOB/2022 under Section 95 of the Insolvency and Bankruptcy Code, 2016. The Resolution Professional (RP) made a public announcement inviting claims on 25.12.2022. The RP prepared a list of claims and filed reports before the NCLT, stating that the personal guarantors failed to submit a repayment plan even after an extension of time. The Meeting of Creditors resolved to file a report before the Adjudicating Authority due to the absence of a repayment plan. The

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## Issues and analysis

### Issue 1: Whether the reports submitted by the Resolution Professional regarding the failure of the personal …

**Ratio:** Section 115(2) of the IBC 2016 provides for further orders when a repayment plan is not

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**Reasoning:** The personal guarantors failed to submit a repayment plan despite being granted

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**Interpretation:** Section 105 of IBC, 2016 outlines the process for submitting a repayment plan.

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**Application:** Since the personal guarantors did not file a repayment plan, the NCLT took the

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## Parties

- **Judges:** TMT. Justice T…; Shri. Shyam Babu…
- **Appellants:** CA Rajmoh…
- **Respondents:** M/s. Trivandrum…; Bharath Ch…

## Timeline

- **2022-05-05 — Admission o…**: The Tribunal admitted the Insolvency Resolution Process of the Personal Guarantors, Dr…
- **2022-12-25 — Public Annou…**: The Resolution Professional made a…

## 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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