# In the matter of Jitendra Singh

> NCLT judgment dated 2024-08-13. Citation: TCN-2024-NCLT-00813. The case involves an application filed by Mr. Jitendra Singh, the Applicant and Personal…

- **Court:** NCLT
- **Order date:** 13 Aug 2024
- **Citation:** TCN-2024-NCLT-00813
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jitendra-singh-8a980bec

## Summary

### Background

The case involves an application filed by Mr. Jitendra Singh, the Applicant and Personal Guarantor, under Section 94(1) of the Insolvency and Bankruptcy Code (IBC) 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. The application seeks initiation of the Insolvency Resolution Process (IRP) against the Applicant/Debtor, who is the Personal Guarantor of the Corporate Debtor, M/s Neo Aid Communication (India) Private Limited, for an amount of Rs. 2,11,66,191/-. The Resolution Professional (RP), Mr. Sunil Kumar, was appointed and directed to file a report under Section 99 of IBC, 2016. The RP filed IA(IBC)No. 561/JPR/2023 recommending the

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## Facts

Mr. Jitendra Singh, as a personal guarantor for M/s Neo Aid Communication (India) Private Limited, filed an application under Section 94(1) of the IBC seeking initiation of the Insolvency Resolution Process (IRP). The corporate debtor had availed loan facilities from IndusInd Bank, for which Mr. Singh provided a personal guarantee. IndusInd Bank invoked the guarantee due to defaults in repayment, leading to the application. The Resolution Professional (RP), Mr. Sunil Kumar, was appointed and filed a report recommending the admission of the application. Axis Bank Ltd. stated that Mr. Jitendra Singh had defaulted on a personal loan. IndiaBulls Asset Reconstruction Company Limited stated that the Corporate Debtor had approached IndusInd Bank for credit facilities in 2016,

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## Issues and analysis

### Issue 1: Whether the Applicant/Personal Guarantor falls within the parameters of Section 94(1) of the Code …

**Ratio:** Section 94(1) of the IBC allows a debtor to initiate insolvency resolution process if

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**Reasoning:** The Applicant/Personal Guarantor, Mr. Jitendra Singh, defaulted in repayment of his

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**Interpretation:** Section 94(1) of the IBC is interpreted to include defaults arising from

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**Application:** The court applied Section 94(1) to the facts, noting that Mr. Jitendra Singh's

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Appellants:** Jitendra…
- **Respondents:** M/s Neo Aid…; Ratnesh S…

## Timeline

- **2016-01-01 — Loan Appli…**: The Corporate Debtor, along with Personal Guarantors, approached IndusInd Bank Ltd. for…
- **2018-09-27 — NPA Classif…**: The loan account was classified as…

## 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)

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