# In the matter of HDFC Bank Limited vs. Himanshu SIngh

> NCLT judgment dated 2024-02-16. Citation: TCN-2024-NCLT-02570. HDFC Bank Limited filed an application under Section 95 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 16 Feb 2024
- **Citation:** TCN-2024-NCLT-02570
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hdfc-bank-limited-vs-himanshu-singh-3fc1023a

## Summary

### Background

HDFC Bank Limited 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, and Regulation 4(2) of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, to initiate the Insolvency Resolution Process against the personal guarantor, Mr. Himanshu Singh, who is a promoter of M/s Kriti Prakashan Pvt. Ltd. The application pertains to the personal guarantee executed by Mr. Himanshu Singh in favor of HDFC Bank Limited to secure the repayment of facilities extended to M/s Kriti Prakashan Pvt. Ltd.

## Facts

HDFC Bank Limited filed an application to initiate the Insolvency Resolution Process against Mr. Himanshu Singh, the personal guarantor of M/s Kriti Prakashan Pvt. Ltd. The guarantor had executed personal guarantees in favor of HDFC Bank to secure the repayment of facilities extended to the Corporate Debtor. The total debt sanctioned under the working capital facilities was Rs. 13 Crore. The guarantor allegedly failed to make payments as per the facility agreements and deed of guarantee. A Demand Notice in Form B was issued on 27.08.2022, but no response was received. A CIRP petition against the Corporate Debtor (M/s Kriti Prakashan Pvt. Ltd.) had been filed by SIDBI, against which a Company Appeal (AT) (Insolvency) No.708/2022 was filed by the Personal Guarantor in

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## Issues and analysis

### Issue 1: Whether the application for initiating Insolvency Resolution Process against the personal guarantor …

**Ratio:** The court considered the contentions raised by the Personal Guarantor's counsel regarding

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**Reasoning:** The court reasoned that the primary issue at hand was the appointment of a Resolution

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**Interpretation:** The court interpreted that the initiation of CIRP against the Corporate Debtor

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**Application:** The court applied this reasoning to the present case by deciding to proceed

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** HDFC Bank L…
- **Respondents:** M/s Kriti…; Himanshu…

## Timeline

- **2018-07-18 — Execution of Personal…**: Mr. Himanshu Singh executed a personal…
- **2022-06-13 — CIRP Init…**: CIRP was initiated against M/s Kriti…

## 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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