# 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-01707. 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-01707
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indian-bank-vs-rajshree-dugar-cp-9ea6ffad

## 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 the personal guarantor of Indian Gem & Jewellery Imperial Private Limited (IG&JIPL), in relation to credit facilities extended by Indian Bank to IG&JIPL.

## Facts

Indian Bank filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mrs. Rajshree Dugar, the personal guarantor of Indian Gem & Jewellery Imperial Private Limited (IG&JIPL). IG&JIPL had received credit facilities from Indian Bank. Mrs. Dugar guaranteed the debts of IG&JIPL to Indian Bank. Mrs. Dugar failed to pay the debts within fourteen days of service of the demand notice. Indian Bank served a demand notice in Form B under Section 95(4)(b) of the IBC, 2016, read with Rule 7(1) of the IB Rules, 2019, demanding payment of the amount of default. The Resolution Professional (RP) filed a report recommending the admission of the application under Section 95 of the IBC,

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## Issues and analysis

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

**Ratio:** Section 100 of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating

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**Reasoning:** The Resolution Professional submitted a report recommending the admission of the

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**Interpretation:** Section 95 of the IBC allows a creditor to initiate insolvency proceedings

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**Application:** Based on the Resolution Professional's report and the fulfillment of the

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** Indian…
- **Respondents:** Indian Gem &…; Rajshree…

## Timeline

- **2022-02-21 — Appointment of…**: Mr. Tarun Kumar Ray was appointed as the Resolution Professional vide order dated…
- **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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