# In the matter of Indian Bank vs. Kishore D Patel

> NCLT judgment dated 2024-03-04. Citation: TCN-2024-NCLT-02239. Indian Bank filed an application under Section 95(1) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 4 Mar 2024
- **Citation:** TCN-2024-NCLT-02239
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indian-bank-vs-kishore-d-patel-9f5e237f

## Summary

### Background

Indian Bank filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against the Personal Guarantor/Respondent, Kishore D Patel, of M/s. Evershine Wood Packaging Private Limited, the Corporate Debtor. CIRP was initiated against the Corporate Debtor vide an order dated 23.06.2023.

## Facts

Indian Bank, the applicant, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Kishore D Patel, the personal guarantor of M/s. Evershine Wood Packaging Private Limited, the corporate debtor. The corporate debtor had taken credit facilities from the applicant but failed to repay the debt, leading to the initiation of CIRP against the corporate debtor. The CIRP against the corporate debtor was initiated vide an order dated 23.06.2023. The applicant has provided particulars of the debt amounting to Rs. 87,68,66,107.35/-. The applicant also placed the Deed of Guarantee dated 29.12.2017 executed by the Respondent. A demand notice was issued to the personal guarantor on 17.07.2023.

## Issues and analysis

### Issue 1: Whether the application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, for …

**Ratio:** Section 95 of IBC provides that a creditor may apply either by himself, or jointly with

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**Reasoning:** The court considered the provisions of Section 95 of the IBC, which allows a creditor to

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**Interpretation:** The court interpreted Section 95 of the IBC to mean that a creditor can

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**Application:** The court applied the provisions of Section 95 of the IBC and the Supreme

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** Indian…
- **Respondents:** Evershine Wood…; Kishore D…
- **Advocates:** Mr.M.G.Pranava…; Mr.M.Veerabathiran…

## Timeline

- **2017-12-29 — Deed of Gua…**: Deed of Guarantee…
- **2021-11-10 — Demand N…**: Demand Notice under Section…

## 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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