# In the matter of Indian Bank Vs. Rajshree Dugar, CP (IB) No. 278/(KB)/2021

> NCLT judgment dated 2022-07-15. Citation: TCN-2022-NCLT-01696. The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 15 Jul 2022
- **Citation:** TCN-2022-NCLT-01696
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indian-bank-vs-rajshree-dugar-cp-145c926c

## Summary

### Background

The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The application seeks to initiate the Insolvency Resolution Process against Mrs. Rajshree Dugar, who is a personal guarantor to the debts of Indian Gem & Jewellery Imperial Private Limited (IG&JIPL) owed to Indian Bank. The Adjudicating Authority appointed Mr. Tarun Kumar Ray as the Resolution Professional.

## Facts

Indian Bank filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Insolvency Resolution Process (IRP) against Mrs. Rajshree Dugar, who is the personal guarantor for the debts of Indian Gem & Jewellery Imperial Private Limited (IG&JIPL). IG&JIPL availed credit facilities from Indian Bank. Mrs. Dugar guaranteed the debts of IG&JIPL to Indian Bank. Indian Bank served a demand notice to Mrs. Dugar demanding payment of the defaulted amount. Mrs. Dugar failed to pay the debt within fourteen days of the service of the demand notice. The Adjudicating Authority appointed Mr. Tarun Kumar Ray as the Resolution Professional (RP). The RP filed a report recommending the admission of the application. The RP also

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## Issues and analysis

### Issue 1: Whether the application filed by Indian Bank under Section 95(1) of the IBC, 2016, for initiating …

**Ratio:** Section 95(1) of the IBC, 2016, allows a creditor to file an application for initiating

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**Reasoning:** The Adjudicating Authority considered the application filed by Indian Bank, the report of

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**Interpretation:** Section 95(1) of the IBC provides a mechanism for creditors to recover their

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**Application:** In this case, Indian Bank filed an application under Section 95(1) of the IBC

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## Parties

- **Judges:** Rohit K…; Harish Chander…; +1 more
- **Appellants:** Indian…
- **Respondents:** Indian Gem &…; Rajshree…

## Timeline

- **2022-02-21 — Appointment of…**: The Adjudicating Authority appointed Mr. Tarun Kumar Ray as the Resolution Professional…
- **2022-06-20 — Order Res…**: Order Reserved on…

## 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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