# In the matter of Jai Shree Mishra, CP (IB) No. 39/94(1)/JPR/2022

> NCLT judgment dated 2022-06-24. Citation: TCN-2022-NCLT-02046. The case pertains to an application filed under Section 94(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 24 Jun 2022
- **Citation:** TCN-2022-NCLT-02046
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jai-shree-mishra-cp-ib-no-39941jpr2022-d6824c02

## Summary

### Background

The case pertains to an application filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Smt. Jai Shree Mishra, a personal guarantor to M/s Niroz Insulations Pvt. Ltd. and M/s Triveni Agrotraders Pvt. Ltd. (Corporate Debtors). The applicant seeks to initiate the insolvency resolution process. A loan was advanced to the Corporate Debtor by State Bank of India, which later published a demand notice under Section 13(2) of the SARFAESI Act, 2002, due to default. An application under Section 10 of IBC, 2016 has also been filed by the Corporate Debtor itself seeking

…

## Facts

Smt. Jai Shree Mishra, the applicant, is a personal guarantor for M/s Niroz Insulations Pvt. Ltd. and M/s Triveni Agrotraders Pvt. Ltd., who are the corporate debtors. A loan was advanced to the corporate debtors by State Bank of India. Due to default, the Financial Creditor (State Bank of India) published a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 2021-05-24. The applicant failed to fulfill obligations pursuant to the personal guarantee within 60 days of the notice. The total amount of default is Rs. 4,03,90,942/-, with debts owed to various creditors including Kotak Mahindra Bank, Bajaj Finance Ltd., HDB Financial Services Ltd., State Bank of India, IDFC First Bank Ltd., Bank of Baroda, and India Bulls Ltd. An application under Section 10 of

…

## Issues and analysis

### Issue 1: Whether the application filed by Smt. Jai Shree Mishra under Section 94(1) of the Insolvency and …

**Ratio:** Section 94(1) of the Insolvency and Bankruptcy Code, 2016 allows a debtor to apply for

…

**Reasoning:** The court considered the application filed by the personal guarantor under Section 94(1)

…

**Interpretation:** Section 94(1) provides the legal basis for a debtor, including a personal

…

**Application:** The court applied Section 94(1) to the facts of the case, determining whether

…

## Parties

- **Judges:** Deep Chandr…; RAGHU N…; +1 more
- **Appellants:** Jai Shree…
- **Respondents:** M/s Niroz…; Nitesh Shrivastava…

## Timeline

- **2021-05-24 — Demand N…**: Financial Creditor published a demand notice in newspaper under Section 13(2) of the…
- **2022-04-22 — Application Fi…**: Interim moratorium commences from the date…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94(1) — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jai-shree-mishra-cp-ib-no-39941jpr2022-d6824c02