# In the matter of Indian Bank vs. Hrithik Bansal

> NCLT judgment dated 2024-02-26. Citation: TCN-2024-NCLT-02386. The case pertains to a petition filed by Indian Bank under Section 95(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 26 Feb 2024
- **Citation:** TCN-2024-NCLT-02386
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indian-bank-vs-hrithik-bansal-098670a6

## Summary

### Background

The case pertains to a petition filed by Indian Bank under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Hrithik Bansal, the personal guarantor to the corporate debtor, M/s Ambootia Tea Exports Pvt. Ltd., for a debt amounting to Rs. 21,45,46,851.16. The corporate debtor had approached the applicant for financial facilities, which were extended on 05.04.2017. The corporate debtor failed to repay the loan, leading to the account being classified as a non-performing asset (NPA) on 21.11.2020. A demand notice in Form B was issued on 20.10.2022, but no response was received.

## Facts

Indian Bank, the financial creditor, filed a petition against Hrithik Bansal, the personal guarantor, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The petition relates to a debt of Rs. 21,45,46,851.16 owed by M/s Ambootia Tea Exports Pvt. Ltd., the corporate debtor, for which Hrithik Bansal provided a personal guarantee. The corporate debtor had availed credit facilities from Indian Bank on 05.04.2017, but defaulted on repayments, leading to the account being classified as NPA on 21.11.2020. A demand notice was issued on 20.10.2022, but no response was received. Hrithik Bansal executed a personal guarantee to secure the repayment of the principal amount of the Cash Credit Facilities together with all interest, additional interest, liquidated

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## Issues and analysis

### Issue 1: Whether the application filed by Indian Bank under Section 95(1) of the Insolvency and Bankruptcy …

**Ratio:** Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the

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**Reasoning:** The court considered the documents and submissions made by the applicant and determined

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**Interpretation:** Section 95 and Rule 7 outline the necessary components of an application for

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**Application:** In this case, the court found that Indian Bank had complied with the

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** Indian…
- **Respondents:** M/s Ambootia Tea…; Hrithik B…

## Timeline

- **2017-04-05 — Credit Facilities…**: Indian Bank extended various credit…
- **2019-12-31 — Deed of Guarantee…**: Hrithik Bansal, the Personal…

## 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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