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

> NCLT judgment dated 2024-02-09. Citation: TCN-2024-NCLT-02646. The case involves a petition filed by Invent Assets Securitization and Reconstruction Private…

- **Court:** NCLT
- **Order date:** 9 Feb 2024
- **Citation:** TCN-2024-NCLT-02646
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/invent-assets-securitization-and-reconstruction-private-limited-vs-shruti-sharma-758accc4

## Summary

### Background

The case involves a petition filed by Invent Assets Securitization and Reconstruction Private Limited (Financial Creditor) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mrs. Shruti Sharma (Personal Guarantor) for initiating the Insolvency Resolution Process. The financial creditor is a Non-Banking Finance Company registered with the Reserve Bank of India. The application is related to the debt of M/s Balaji Coke Industry Pvt.Ltd. (Corporate Debtor).

## 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. Shruti Sharma, a personal guarantor to the Corporate Debtor, M/s Balaji Coke Industry Pvt.Ltd. The Corporate Debtor had approached the applicant for financial facilities, which were extended on 08/08/2009 and 29/10/2009, including a Cash Credit Facility. The Corporate Debtor was obligated to repay the loan with interest. Mrs. Shruti Sharma executed a personal guarantee on 08/09/2011 to secure the repayment. The Corporate Debtor failed to make payments, leading the applicant to classify the account as a non-performing asset (NPA) on 26/12/2012. The Financial Creditor issued a demand

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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:** The Supreme Court has upheld the constitutional validity of Sections 94 to 100 of the

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**Reasoning:** The court relies on the Supreme Court's judgment in Dilip B. Jiwrajka V/s Union of India

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**Interpretation:** This implies that the application is maintainable as the initial stages involve

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**Application:** The ratio supports the maintainability of the application as it aligns with the

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** Invent Assets…; Invent Assets…
- **Respondents:** M/s Balaji Coke…; Shruti S…

## Timeline

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