# In the matter of LICHFL Trustee Company Private Limited & Ors. vs. Sunita Pandurang Shinde

> NCLT judgment dated 2024-11-28. Citation: TCN-2024-NCLT-00127. This case involves an application filed under Section 95 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 28 Nov 2024
- **Citation:** TCN-2024-NCLT-00127
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lichfl-trustee-company-private-limited-ors-vs-sunita-pandurang-shinde-63fb100e

## Summary

### Background

This case involves an application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The application was filed by LICHFL Trustee Company Private Limited and Vistra ITCL (India) Limited against Mrs. Sunita Pandurang Shinde, the Personal Guarantor, for initiating the Personal Guarantor's Insolvency Resolution Process (PGIRP). The corporate debtor, Anudan Properties Private Limited, defaulted on payments, leading to the invocation of the personal guarantee. The default occurred on March 31, 2019, with an amount in default of INR 79,88,77,900/-. The corporate debtor was

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## Facts

Anudan Properties Private Limited (Corporate Debtor) owned land in Thane West and was developing a residential project called "Silver Spring". To fund the project, the Financial Creditor (LICHFL Trustee Company Private Limited and Vistra ITCL (India) Limited) invested INR 79,90,00,000/- by subscribing to equity shares and Optionally Fully Convertible Debentures (OFCDs). A Share Subscription Cum Debenture Subscription and Shareholders Agreement was executed on October 13, 2016. The Corporate Debtor was obligated to pay interest on the OFCDs by March 31st of each financial year and redeem the OFCDs by March 31, 2019. The Promoters executed a Deed of Guarantee on 21.10.2016, guaranteeing the debt. The Corporate Debtor failed to redeem the OFCDs and pay the

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## Issues and analysis

### Issue 1: Whether the application under Section 95 of the Insolvency and Bankruptcy Code, 2016 can be …

**Ratio:** The liability of a personal guarantor is co-extensive with that of the principal borrower

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**Reasoning:** The NCLT reasoned that the factum of execution of the guarantee deed and its invocation

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**Interpretation:** Section 95 of the IBC allows for the initiation of insolvency proceedings

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**Application:** The Corporate Debtor defaulted on its obligations, and the Personal Guarantor

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** LICHFL TRUSTEE…
- **Respondents:** Anudan Properties…; Sunita Pandurang…

## Timeline

- **2016-10-13 — Share Subscription…**: Share Subscription Cum Debenture Subscription and Shareholders Agreement executed between…
- **2016-10-21 — Deed of Gua…**: Promoters executed a Deed of…

## 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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