# In the matter of ICICI Bank Ltd Vs. Prashant Bothra, CP (IB/ 181(KB)/2021

> NCLT judgment dated 2022-03-24. Citation: TCN-2022-NCLT-03541. ICICI Bank Limited filed a petition under Section 95 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 24 Mar 2022
- **Citation:** TCN-2022-NCLT-03541
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/icici-bank-ltd-vs-prashant-bothra-cp-c8b938f3

## Summary

### Background

ICICI Bank Limited filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process (IRP) against Prashant Bothra, the Personal Guarantor of Kohinoor Paper and Newsprint Private Limited (KPNPL). The petitioner had extended various loan facilities to KPNPL, which were restructured over time. The Deed of Guarantees were executed on March 30, 2015. KPNPL and the Personal Guarantor defaulted on payments as per the Facility Agreement. The default of KPNPL was adjudicated on June 18, 2019. KPNPL was admitted into Corporate Insolvency Resolution Process (CIRP) on September 26, 2019. The Personal Guarantor had executed two personal guarantees in favor of ICICI Bank Limited to secure the loan facility given to

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## Facts

ICICI Bank Limited extended loan facilities to Kohinoor Paper and Newsprint Private Limited (KPNPL), with Prashant Bothra acting as the Personal Guarantor. The loan facilities were restructured over time, and Deeds of Guarantee were executed on March 30, 2015. Both KPNPL and Prashant Bothra defaulted on payments as per the Facility Agreement, amounting to Rs.34,30,33,697.19. KPNPL's default was adjudicated on June 18, 2019, and KPNPL was admitted into Corporate Insolvency Resolution Process (CIRP) on September 26, 2019. Prashant Bothra had executed two personal guarantees in favor of ICICI Bank Limited to secure the loan facility. ICICI Bank issued a demand notice to Prashant Bothra on March 18, 2021, but received no reply. The Resolution Professional (RP) also

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## Issues and analysis

### Issue 1: Whether the application filed by ICICI Bank Limited under Section 95 of the Insolvency and …

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

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**Reasoning:** The Adjudicating Authority considered the report of the Resolution Professional, which

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

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**Application:** In this case, ICICI Bank Limited filed an application under Section 95 against

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** ICICI Bank…
- **Respondents:** KPNP…; Prashant…

## Timeline

- **2011-06-24 — Facility Agr…**: The Petitioner had given various loan facilities to KPNPL vide Facility Agreements dated…
- **2015-03-30 — Deed of Gua…**: The Deed of Guarantees were executed on 30 March 2015. The Personal Guarantor had…

## 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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