# In the matter of Indian Bank vs.  S Swaminathan

> NCLT judgment dated 2024-09-25. Citation: TCN-2024-NCLT-00553. Indian Bank, through its Stressed Assets Management Branch, filed an application under Section…

- **Court:** NCLT
- **Order date:** 25 Sept 2024
- **Citation:** TCN-2024-NCLT-00553
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indian-bank-vs-s-swaminathan-6690a5d6

## Summary

### Background

Indian Bank, through its Stressed Assets Management Branch, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 ("IBC") to initiate the Insolvency Resolution Process against the Personal Guarantor, S. Swaminathan, of M/s Indalloys & Extrusion Pvt Ltd., the Corporate Debtor. M/s Indalloys & Extrusion Pvt Ltd. had taken credit facilities from Indian Bank, and S. Swaminathan had given a personal guarantee for the loan. The Corporate Debtor failed to repay the debt, leading Indian Bank to initiate CIRP against the Personal Guarantor.

## Facts

Indian Bank, through its 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. Swaminathan, of M/s Indalloys & Extrusion Pvt Ltd., the Corporate Debtor. M/s Indalloys & Extrusion Pvt Ltd. had taken credit facilities from Indian Bank. The Respondent, S. Swaminathan, had given a personal guarantee for the said loan. The Corporate Debtor failed to repay the debt, which led the Applicant to initiate CIRP against the Personal Guarantor. As of 22.07.2024, the debt was Rs.32,62,00,000/-, and the amount of default was Rs.15,69,00,000/-. The date of default is 30.04.2009. A demand notice was issued under Rule 7(1) of the

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## Issues and analysis

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

**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, including the details of the

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**Interpretation:** The Supreme Court has held that no judicial adjudication is involved at the

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**Application:** The court found that the application was in compliance with Section 95 of the

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Indian…
- **Respondents:** Indalloys &…; S Swamin…

## Timeline

- **2008-03-12 — Deed of Gua…**: Deed of Guarantee executed by the…
- **2009-04-30 — Date of D…**: Date of default by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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