# In the matter of Invent Assets Securitization and Reconstruction Private Limited vs. Kaushal Sharma

> NCLT judgment dated 2024-02-09. Citation: TCN-2024-NCLT-02685. The case involves a petition filed under Section 95(1) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 9 Feb 2024
- **Citation:** TCN-2024-NCLT-02685
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/invent-assets-securitization-and-reconstruction-private-limited-vs-kaushal-sharm-a67b05bb

## Summary

### Background

The case involves a petition filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, by Invent Assets Securitization and Reconstruction Private Limited (the 'Petitioner'), a Non-Banking Finance Company, against Mrs. Kaushal Sharma, one of the directors of M/s Balaji Coke Industry Pvt.Ltd. (the 'Corporate Debtor'), for initiating the Insolvency Resolution Process due to a debt amounting to Rs. 126,36,61,882/-. The Corporate Debtor and Personal Guarantor had approached the applicant seeking grant of various financial facilities. The Applicant extended various Credit facilities on 08/08/2009 & 29/10/2009 and granted Cash Credit Facility. As per the Credit Facility, Corporate Debtor was obliged to repay the Principal sum of loan along with interest in

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## Facts

Invent Assets Securitization and Reconstruction Private Limited, a Non-Banking Finance Company, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mrs. Kaushal Sharma, a director and personal guarantor of M/s Balaji Coke Industry Pvt.Ltd., the Corporate Debtor. The petition seeks to initiate the Insolvency Resolution Process due to a debt of Rs. 126,36,61,882/-. The Corporate Debtor had obtained credit facilities from the Applicant on 08/08/2009 and 29/10/2009, secured by a personal guarantee executed by Mrs. Kaushal Sharma on 08/09/2011. The Corporate Debtor defaulted on the repayment obligations, leading the Applicant to classify the account as an NPA on 26/12/2012. A demand notice was issued on 07/03/2013 under Section 13(2) of

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## Issues and analysis

### Issue 1: Whether the application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** Section 95 of the Insolvency and Bankruptcy Code, 2016, read with rule 7 of the

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**Reasoning:** The court notes that the application is complete as required under Section 95 read with

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**Interpretation:** This means that the applicant has provided all the necessary documents and

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**Application:** The applicant, Invent Assets Securitization and Reconstruction Private Limited,

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Invent Assets…
- **Respondents:** M/s Balaji Coke…; Kaushal S…

## Timeline

- **2009-08-08 — Credit Facility…**: Applicant extended Credit…
- **2009-10-29 — Credit Facility…**: Applicant extended Credit…

## 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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