# In the matter of Dinesh Gangaprasad Jaiswal

> NCLT judgment dated 2024-02-16. Citation: TCN-2024-NCLT-02562. The case pertains to an application filed by Dinesh Gangaprasad Jaiswal, the Personal…

- **Court:** NCLT
- **Order date:** 16 Feb 2024
- **Citation:** TCN-2024-NCLT-02562
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dinesh-gangaprasad-jaiswal-1431bf54

## Summary

### Background

The case pertains to an application filed by Dinesh Gangaprasad Jaiswal, the Personal Guarantor/Petitioner, under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate an Insolvency Resolution Process against himself. The application is related to a guarantee provided by the Petitioner for M/s J-Marks Exim (India) Pvt. Ltd. ("Corporate Debtor"). The State Bank of India (SBI) filed an I.A. 2894/2023 seeking to declare the initially proposed Insolvency Professional, Mr. Manish Lalji Dawda, unfit and to replace him. The loan granted to the Corporate Debtor was declared as Non-Performing Assets on 30.09.2013, and the Corporate Debtor was admitted into CIRP on 26.05.2020.

## Facts

Dinesh Gangaprasad Jaiswal, the Petitioner, filed an application under Section 94 of the Insolvency and Bankruptcy Code, 2016, as a Personal Guarantor to M/s J-Marks Exim (India) Pvt. Ltd. ("Corporate Debtor"). The Petitioner had given a guarantee as per the deed of guarantee dated 17.02.2012 in favor of the Corporate Debtor. The loan granted to the Corporate Debtor was declared as Non-Performing Assets on 30.09.2013, and the Corporate Debtor was admitted into CIRP on 26.05.2020. The Petitioner proposed Mr. Manish Lalji Dawda as the RP. SBI filed I.A. 2894/2023 seeking to declare Mr. Manish Lalji Dawda unfit and replace him. Mr. Dawda withdrew his name. SBI proposed Mr. Birendra Kumar Agarwal as the new RP.

## Issues and analysis

### Issue 1: Whether the Insolvency Professional initially …

**Ratio:** The court considered the judgment in Dilip B Jiwrajka Vs. Union of India, which clarified

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**Reasoning:** The court noted that Mr. Manish Lalji Dawda had withdrawn his name and issued a NOC for

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**Interpretation:** The court interpreted Section 97 of the Code to mean that the appointment of RP

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**Application:** Given the withdrawal of Mr. Dawda's name and the objections raised by SBI, the

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Dinesh Gangaprasad…
- **Respondents:** J-Marks Exim…; SBI…

## Timeline

- **2012-02-17 — Deed of Gua…**: The Petitioner/ Personal Guarantor had given a guarantee as per the deed of guarantee…
- **2013-09-30 — Loan Declar…**: The loan granted to Corporate Debtor was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94 — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

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