# In the matter of Indian Bank Vs. Sunil Krishna Khaitan, CP IB/340/2022

> NCLT judgment dated 2023-06-21. Citation: TCN-2023-NCLT-02859. The National Company Law Tribunal (NCLT), Hyderabad Bench, heard a Company Petition…

- **Court:** NCLT
- **Order date:** 21 Jun 2023
- **Citation:** TCN-2023-NCLT-02859
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/indian-bank-vs-sunil-krishna-khaitan-cp-ib3402022-3ad3a598

## Summary

### Background

The National Company Law Tribunal (NCLT), Hyderabad Bench, heard a Company Petition (IB/340/2022) concerning a prima-facie default by the Personal Guarantor. The respondent was set ex-parte.

## Facts

The case involves a Company Petition (IB/340/2022) filed under Section 95 of the Insolvency and Bankruptcy Code (IBC). The Respondent, Sunil Krishna Khaitan, was set ex-parte. The tribunal found a prima-facie default by the Personal Guarantor and appointed Mr. Vakiti Vineeth Reddy as the Resolution Professional. The Petitioner, Indian Bank, is required to pay Rs. 50,000 to the Resolution Professional. An interim moratorium has been declared, preventing legal actions against the debtor. The order was pronounced on 21.06.2023 and is to be posted on 26.07.2023.

## Issues and analysis

### Issue 1: Whether there is a prima-facie default by the Personal Guarantor warranting the initiation of the …

**Ratio:** The legal principle applied is that if a prima-facie default by the Personal Guarantor is

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**Reasoning:** The court perused the application and found it to be in order, noting a prima-facie

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**Interpretation:** This means that based on the initial assessment, there is sufficient evidence

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**Application:** Based on the facts presented in the application, the court determined that a

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## Parties

- **Judges:** TELAPROLU…; Shri. Chara…
- **Appellants:** Indian…
- **Respondents:** Sunil Krishna…

## Timeline

- **2022-01-01 — Company Petiti…**: Company Petition…
- **2023-06-21 — Hearing…**: Hearing of the National Company Law Tribunal, Hyderabad Bench, held on 21.06.2023 at…

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