# In the matter of Intec Capital Ltd Vs. Ghanshyam J Patel, CP (IB) No. 37/(AHM)/2022

> NCLT judgment dated 2022-02-14. Citation: TCN-2022-NCLT-04151. The application is filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016,…

- **Court:** NCLT
- **Order date:** 14 Feb 2022
- **Citation:** TCN-2022-NCLT-04151
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/intec-capital-ltd-vs-ghanshyam-j-patel-cp-eb963cad

## Summary

### Background

The application is filed under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Personal Guarantor.

## Facts

Intec Capital Ltd filed an application under Section 95 of the IBC, 2016, seeking to initiate CIRP against the Personal Guarantor, Ghanshyam J Patel. The application was filed by the Financial Creditor. The declaration as mentioned in Section 97 of the IBC, 2016, confirms that no disciplinary proceedings are pending against the RP. The court has ordered an interim moratorium under Section 96 of the IBC, 2016. Mr. Anurag Nirbhaya, the RP, is directed to file a report within ten days. The matter is scheduled for further consideration on April 5, 2022. The key fact is the application under Section 95 to initiate CIRP against the personal guarantor.

## Issues and analysis

### Issue 1: Whether the application under Section 95 of the IBC, 2016 for initiating CIRP against the Personal …

**Ratio:** Section 95 of the IBC, 2016 allows a creditor to apply for initiating CIRP against a

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**Reasoning:** The court considered the application filed under Section 95 of the IBC, 2016, seeking

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**Interpretation:** Section 95 provides a mechanism for creditors to pursue insolvency proceedings

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**Application:** The court acknowledged the application and proceeded to issue notice to the

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Intec Capit…
- **Respondents:** Ghanshyam J…

## Timeline

- **2022-02-14 — Order Del…**: Order delivered on…
- **2022-04-05 — Further Consi…**: The matter to appear for further…

## 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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