# In the matter of Meenakshi Sivaraman

> NCLT judgment dated 2024-03-01. Citation: TCN-2024-NCLT-02268. The case pertains to an application filed under Section 94(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 1 Mar 2024
- **Citation:** TCN-2024-NCLT-02268
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/meenakshi-sivaraman-68404c5e

## 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. Ms. Meenakshi Sivaraman, the applicant and personal guarantor for M/s. Mados Infra Projects Private Limited, initiated the Insolvency Resolution Process. M/s. Mados Infra Projects Private Limited had taken credit facilities from Bank of Baroda/Financial Creditor, with Ms. Sivaraman providing a personal guarantee. The corporate debtor defaulted on the loan repayment, leading to the present application.

## Facts

Ms. Meenakshi Sivaraman, acting as a personal guarantor for M/s. Mados Infra Projects Private Limited, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. M/s. Mados Infra Projects Private Limited had obtained credit facilities from Bank of Baroda/Financial Creditor, with Ms. Sivaraman providing a personal guarantee for the loan. The corporate debtor, M/s. Mados Infra Projects Private Limited, defaulted on the loan repayment. The outstanding debt is Rs.27,98,12,410/-, and the amount of default is Rs.18,23,86,907.20/-, with the date of default being 2023-05-29. The applicant provided a copy of the Demand Notice dated 2023-07-04 issued by Bank of Baroda under Section 13(2) of the

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## Issues and analysis

### Issue 1: Whether the application filed by Ms. Meenakshi Sivaraman under Section 94(1) of the Insolvency and …

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

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**Reasoning:** The court considered the averments made in the application, the documents annexed, and

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**Interpretation:** Section 94(1) of the IBC is interpreted to allow personal guarantors to

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**Application:** The court applied Section 94(1) of the IBC and Rule 6(2) to the facts of the

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Meenakshi…
- **Respondents:** M/s. Mados Infra…

## Timeline

- **2023-05-29 — Date of D…**: M/s. Mados Infra Projects Private…
- **2023-07-04 — Demand N…**: Bank of Baroda issued a Demand Notice…

## 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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