# In the matter of Indian Bank vs. Kiran Qureshi

> NCLT judgment dated 2023-12-05. Citation: TCN-2023-NCLT-00434. The case involves an application filed under Section 95(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Dec 2023
- **Citation:** TCN-2023-NCLT-00434
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indian-bank-vs-kiran-qureshi-16064d17

## Summary

### Background

The case involves an application filed under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the initiation of an insolvency process against Ms. Kiran Qureshi, the Personal Guarantor, due to an alleged default amounting to Rs. 57,03,48,771 as of October 26, 2022. An application IA-6207/2023 was filed seeking rectification of an order dated 30.10.2023, where paragraphs 2 and 3 were inadvertently incorporated. The court directed the deletion of these paragraphs.

## Facts

Indian Bank filed an application under Section 95(1) of the IBC, 2016, to initiate insolvency proceedings against Ms. Kiran Qureshi, the Personal Guarantor, due to an alleged default of Rs. 57,03,48,771 as of October 26, 2022. The applicant did not propose a Resolution Professional. The court appointed Mr. Roshan Lal Jain as the Resolution Professional. An interim moratorium under Section 96 of IBC has been initiated. An application IA-6207/2023 was filed seeking rectification of order dated 30.10.2023, specifically requesting the deletion of inadvertently included paragraphs 2 and 3. The court directed the deletion of the specified paragraphs from the order dated 30.10.2023.

## Issues and analysis

### Issue 1: Whether the application under Section 95(1) of the IBC, 2016 for initiating insolvency process …

**Ratio:** Section 95(1) of the IBC, 2016 allows creditors to initiate insolvency proceedings

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**Reasoning:** The court entertained the application filed by Indian Bank under Section 95(1) of the

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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 filed by Indian Bank against Ms. Kiran Qureshi, the

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** Indian…
- **Respondents:** Kiran Qu…

## Timeline

- **2022-10-26 — Date of D…**: Alleged default of Rs.…
- **2023-10-30 — Order Da…**: Order issued with paragraphs 2…

## 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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