# In the matter Manisha Mahendra Dhamal

> NCLT judgment dated 2025-03-10. Citation: TCN-2025-NCLT-00381. The case involves a Company Petition No. (IB) 283 of 2025 filed by Manisha Mahendra Dhamal, the…

- **Court:** NCLT
- **Order date:** 10 Mar 2025
- **Citation:** TCN-2025-NCLT-00381
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/in-the-matter-manisha-mahendra-dhamal-dcd766ff

## Summary

### Background

The case involves a Company Petition No. (IB) 283 of 2025 filed by Manisha Mahendra Dhamal, the Personal Guarantor, under Section 94 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against herself as the personal guarantor of M/s RHJ Tubes Private Limited, the Corporate Debtor. Wellfin Resources and Logistics Private Limited had disbursed a loan of Rs. 1,60,00,000 on 08.05.2024, secured by a Deed of Guarantee executed by the Petitioner on 15.05.2024. The Petitioner invoked the personal guarantees via a Loan Recall Notice dated 07.10.2024. The Corporate Debtor claims inability to fulfill obligations arising from the guarantee invocation, leading to default and eligibility for filing the application under Section

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## Facts

Wellfin Resources and Logistics Private Limited disbursed a loan of Rs. 1,60,00,000 to RHJ Tubes Private Limited (Corporate Debtor) on 08.05.2024. The sanction letter for the loan is dated 10.05.2024. Manisha Mahendra Dhamal (Petitioner), as a personal guarantor, executed a Deed of Guarantee on 15.05.2024 to secure the debt. The Petitioner issued a Loan Recall Notice on 07.10.2024, invoking the personal guarantees. The Corporate Debtor claims inability to fulfill its obligations under the guarantee. The Petitioner filed a petition under Section 94 of the IBC for initiating CIRP against herself as the personal guarantor. No insolvency or liquidation proceedings are currently pending against the corporate debtor. The interim-moratorium commenced on 14.01.2025.

## Issues and analysis

### Issue 1: Whether the application filed by the personal guarantor under Section 94 of the Insolvency and …

**Ratio:** The ratio is based on Section 94 of the IBC, which allows a personal guarantor to

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**Reasoning:** The court reasons that the Corporate Debtor is in default, making the personal guarantor

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**Interpretation:** Section 94 of the IBC is interpreted to allow a personal guarantor to initiate

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**Application:** The ratio and reasoning are applied to the facts of the case, where the

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Manisha Mahendra…
- **Respondents:** RHJ Tubes Private…

## Timeline

- **2024-05-08 — Loan Disbur…**: Wellfin Resources and Logistics Private Limited disbursed a loan of Rs. 1,60,00,000 to…
- **2024-05-10 — Sanction Lett…**: Date of the sanction…

## 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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