# In the matter of HDFC Bank Ltd Vs. Renu Gambhir, CP (IB) No. 626/ND/2022

> NCLT judgment dated 2022-10-04. Citation: TCN-2022-NCLT-00849. The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 4 Oct 2022
- **Citation:** TCN-2022-NCLT-00849
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hdfc-bank-ltd-vs-renu-gambhir-cp-94fb1c5b

## Summary

### Background

The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, by HDFC Bank Limited against Mrs. Renu Gambhir, the personal guarantor to a corporate debtor. The application seeks to initiate the Insolvency Resolution Process against the personal guarantor due to a default of Rs. 52,26,96,631, for which the guarantee has been invoked by the petitioner. A statutory notice of demand dated 09.07.2021 was served to the respondent, but no payment was made.

## Facts

HDFC Bank Limited filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mrs. Renu Gambhir, who is the personal guarantor to a corporate debtor. The application was filed due to a default of Rs. 52,26,96,631, for which the guarantee was invoked by HDFC Bank. A statutory notice of demand dated 09.07.2021 was served to Mrs. Gambhir, requesting payment of the defaulted amount. Despite receiving the notice, Mrs. Gambhir failed to make any payment. The Tribunal issued a limited notice to Mrs. Gambhir on 09.09.2022, which was duly served. The applicant filed an affidavit of service dated 17.09.2022. Shri Mukesh Kumar Jain was proposed as the Resolution Professional.

## Issues and analysis

### Issue 1: Whether the application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** Section 95(1) of the Insolvency and Bankruptcy Code, 2016, allows a creditor to file an

…

**Reasoning:** The court considered the fact that HDFC Bank Limited, being the financial creditor, filed

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**Interpretation:** Section 95(1) provides a mechanism for creditors to recover debts from personal

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**Application:** The application was deemed maintainable as Mrs. Renu Gambhir was the personal

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## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Appellants:** HDFC Bank L…
- **Respondents:** Renu Ga…

## Timeline

- **2021-07-09 — Statutory Notice of…**: A statutory notice of demand was issued to Mrs. Renu Gambhir, requesting payment of Rs.…
- **2022-09-09 — Tribunal Order for…**: The Tribunal ordered the issuance of…

## 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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