# In the matter of Indian Bank vs. S Suseela

> NCLT judgment dated 2024-11-28. Citation: TCN-2024-NCLT-00143. Indian Bank, Stressed Assets Management Branch, filed an application under Section 95(1) of the…

- **Court:** NCLT
- **Order date:** 28 Nov 2024
- **Citation:** TCN-2024-NCLT-00143
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indian-bank-vs-s-suseela-6c9eae89

## Summary

### Background

Indian Bank, Stressed Assets Management Branch, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against the Personal Guarantor, S Suseela, of M/s. Eureka Automobiles Pvt Ltd, the Corporate Debtor. The application was filed due to the Corporate Debtor's failure to repay credit facilities extended by the Applicant, for which the Respondent had provided a personal guarantee. The date of default was 31.01.2019.

## Facts

Indian Bank, Stressed Assets Management Branch, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against S Suseela, the Personal Guarantor of M/s. Eureka Automobiles Pvt Ltd (the Corporate Debtor). The Corporate Debtor had taken credit facilities from Indian Bank, and S Suseela had provided a personal guarantee for the loan. The Corporate Debtor defaulted on the repayment of the debt, leading Indian Bank to initiate the Personal Insolvency Process against S Suseela. The amount of default was Rs.9,31,47,787.94/-, and the date of default was 31.01.2019. Indian Bank submitted documents including the Medium Term Loan Agreement dated 19.10.2016, Deed of hypothecation of movables dated

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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 IBC provides that a creditor may apply either by himself, or jointly

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**Reasoning:** The court considered the averments made in the application and the documents submitted by

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

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

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Indian…
- **Respondents:** Eureka Automobiles…; S Sus…

## Timeline

- **2019-01-31 — Date of D…**: The Corporate Debtor defaulted…
- **2024-11-28 — Order Pron…**: Order pronounced 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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