# In the matter of IFCI Ltd Vs. Shalini Ashok Rajani, CP (IB)/207(MB)/2022

> NCLT judgment dated 2022-11-30. Citation: TCN-2022-NCLT-00285. The case involves a Company Petition filed by IFCI Limited, the Financial Creditor, under…

- **Court:** NCLT
- **Order date:** 30 Nov 2022
- **Citation:** TCN-2022-NCLT-00285
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ifci-ltd-vs-shalini-ashok-rajani-cp-060d3f78

## Summary

### Background

The case involves a Company Petition filed by IFCI Limited, the Financial Creditor, under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC) 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, seeking to initiate Personal Insolvency Resolution Process (CIRP) against Mrs. Shalini Rajani, the Personal Guarantor. The Corporate Debtor of the Personal Guarantor is already into CIRP.

## Facts

IFCI Limited, the Financial Creditor, filed a Company Petition under Section 95 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Personal Insolvency Resolution Process (CIRP) against Mrs. Shalini Rajani, the Personal Guarantor. The demand notice was served on the Personal Guarantor. The Personal Guarantor's counsel claimed that the petition was not served on them. The Corporate Debtor of the Personal Guarantor is already undergoing CIRP. Mr. Vasudev Ganesh Nayak was appointed as the Resolution Professional. An interim moratorium under Section 96(1)(a) of the IBC has commenced. The matter is listed for further consideration on 06.02.2023.

## Issues and analysis

### Issue 1: Whether the demand notice was properly served on …

**Ratio:** Section 95 of the Insolvency and Bankruptcy Code, 2016, along with relevant rules,

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**Reasoning:** The Financial Creditor's counsel submitted that the demand notice was successfully served

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**Interpretation:** The successful service of the demand notice is a prerequisite for initiating

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**Application:** In this case, the court accepted the Financial Creditor's submission that the

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## Parties

- **Judges:** Manoj Kumar…; KISHORE VEMULAPALL…
- **Appellants:** IFCI Li…
- **Respondents:** Shalini R…
- **Advocates:** Nikhil R…; Rajeev…

## Timeline

- **2020-09-09 — Demand Noti…**: Demand Notice dated 09.09.2020 was…
- **2021-08-03 — CIRP Order Date for…**: Corporate Debtor of the Personal Guarantor is already into CIRP vide order dated…

## 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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