# In the matter of Mr. Anil Baldva, CP (IB) No. 16/94(1)/JPR/2022

> NCLT judgment dated 2022-05-30. Citation: TCN-2022-NCLT-02552. The case pertains to an application filed under Section 94 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 30 May 2022
- **Citation:** TCN-2022-NCLT-02552
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mr-anil-baldva-cp-ib-no-16941jpr2022-ba87cf1a

## Summary

### Background

The case pertains to an application filed under Section 94 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 Mr. Anil Baldva, the Applicant/Debtor, who is a personal guarantor for M/s Baldva Textiles Pvt. Ltd. ('Corporate Debtor'). The application seeks to initiate the insolvency resolution process for the personal guarantor.

## Facts

Mr. Anil Baldva, the Applicant/Debtor, filed an application under Section 94 of the Insolvency and Bankruptcy Code, 2016, as a personal guarantor for M/s Baldva Textiles Pvt. Ltd. ('Corporate Debtor'). Punjab National Bank, Gandhi Nagar, Bhilwara Branch ('Financial Creditor') had advanced a loan to the Corporate Debtor. The Corporate Debtor defaulted, leading the Financial Creditor to publish a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 2021-04-27. The applicant failed to fulfill his obligations pursuant to the personal guarantee within 60 days of the notice. The amount of default is Rs. 16,73,10,124/- with the date of default as 2021-06-27. An application under Section 9 of the Code seeking Corporate Insolvency Resolution Process (‘CIRP') against

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## Issues and analysis

### Issue 1: Whether the application filed by Mr. Anil Baldva under Section 94(1) of the Insolvency and …

**Ratio:** Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the

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**Reasoning:** The Adjudicating Authority considered the provisions of Section 94(1) of the IBC and the

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**Interpretation:** Section 94(1) provides a mechanism for personal guarantors to initiate

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**Application:** The applicant, being a personal guarantor, is eligible to file an application

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## Parties

- **Judges:** Deep Chandr…; RAGHU N…; +1 more
- **Appellants:** Anil Ba…
- **Respondents:** M/s Baldva…

## Timeline

- **2021-04-27 — Demand N…**: Financial Creditor published a demand notice under Section 13(2) of the SARFAESI Act,…
- **2021-06-27 — Date of D…**: The date of default is…

## 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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