# In the matter of Manisha Mahendra Dhamal

> NCLT judgment dated 2025-03-10. Citation: TCN-2025-NCLT-00380. The case involves a Company Petition filed by Manisha Mahendra Dhamal, the Petitioner and…

- **Court:** NCLT
- **Order date:** 10 Mar 2025
- **Citation:** TCN-2025-NCLT-00380
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/manisha-mahendra-dhamal-72d54e9b

## Summary

### Background

The case involves a Company Petition filed by Manisha Mahendra Dhamal, the Petitioner and Personal Guarantor, under Section 94 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against herself as the Personal Guarantor of M/s RHJ Tubes Private Limited, the Corporate Debtor. Wellfin Resources and Logistics Private Limited had disbursed a loan to the Corporate Debtor, for which the Petitioner executed a Deed of Guarantee. The Petitioner invoked personal guarantees via a Loan Recall Notice. The Corporate Debtor claims inability to fulfill obligations arising from the personal guarantee invocation notice and asserts eligibility to file the application under Section 94(1) of the IBC.

## Facts

Manisha Mahendra Dhamal, the Petitioner, filed a Company Petition under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against herself as the Personal Guarantor of M/s RHJ Tubes Private Limited ('Corporate Debtor'). Wellfin Resources and Logistics Private Limited disbursed a loan of Rs. 1,60,00,000 to the Corporate Debtor on 08.05.2024, with the sanction letter dated 10.05.2024. The Petitioner executed a Deed of Guarantee on 15.05.2024, along with other directors of the Corporate Debtor, to secure the debt. The Petitioner invoked the personal guarantees via a Loan Recall Notice dated 07.10.2024. The Corporate Debtor claims it is unable to fulfill its obligations arising from the personal

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## Issues and analysis

### Issue 1: Whether the application filed by the personal …

**Ratio:** Section 94(1) of the IBC allows a debtor to apply for initiating the insolvency

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**Reasoning:** The court notes that the Corporate Debtor is in default and eligible to file the

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

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**Application:** The Petitioner, being the personal guarantor of the Corporate Debtor, is

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Manisha Mahendra…
- **Respondents:** RHJ Tubes Private…

## Timeline

- **2024-05-08 — Loan Disbur…**: Wellfin Resources and Logistics Private Limited disbursed a loan of Rs. 1,60,00,000 to…
- **2024-05-10 — Sanction Lett…**: Date of the sanction letter for the loan disbursed by Wellfin Resources and Logistics…

## Legal provisions

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

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