# In the matter of M/s. Ibexkayenn Private Limited

> NCLT judgment dated 2024-09-04. Citation: TCN-2024-NCLT-00675. The case involves a petition filed by Mrs. Rukma Narain, a financial creditor, against M/s.…

- **Court:** NCLT
- **Order date:** 4 Sept 2024
- **Citation:** TCN-2024-NCLT-00675
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ms-ibexkayenn-private-limited-64dc97b9

## Summary

### Background

The case involves a petition filed by Mrs. Rukma Narain, a financial creditor, against M/s. Ibexkayenn Private Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial creditor seeks to initiate Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to a default of Rs.4,21,18,037.39/-. The corporate debtor had taken a term loan from Karnataka Bank Limited, for which the financial creditor acted as a personal guarantor. The loan was declared NPA, and SARFAESI Act proceedings were initiated. A One Time Settlement (OTS) was proposed, and the financial creditor paid Rs. 1 crore and settled the balance by selling her property. The corporate debtor made a partial payment of Rs. 3 crores, leaving an

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## Facts

Mrs. Rukma Narain, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Ibexkayenn Private Limited, the corporate debtor, seeking to initiate CIRP due to a default of Rs.4,21,18,037.39/-. The corporate debtor had obtained a term loan from Karnataka Bank Limited, with Mrs. Narain acting as a personal guarantor. The loan became an NPA, leading to SARFAESI proceedings. An OTS was agreed upon, and Mrs. Narain settled the bank's dues by paying Rs. 1 crore and selling her property. The corporate debtor made a partial repayment of Rs. 3 crores, leaving an outstanding balance of Rs.4,00,00,000/-. Mrs. Narain issued demand notices, which were not complied with. The corporate debtor acknowledged the debt and requested

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## Issues and analysis

### Issue 1: Whether the Personal Guarantor of the Corporate Debtor who had discharged the liability of the debt …

**Ratio:** The doctrine of subrogation confers upon an individual the capacity to assume the

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**Reasoning:** The court relied on several judgments, including Amrit Lai Goverdhan Laln v. State Bank

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**Interpretation:** Section 140 of the Indian Contract Act provides that rights of the surety of

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**Application:** In this case, Mrs. Narain, as the personal guarantor, discharged the debt of

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** Rukma N…
- **Respondents:** M/s. Ibexkayenn…

## Timeline

- **2023-10-09 — Petition…**: The present Petition has been filed on 09.10.2023 under Section 7 of the Insolvency and…
- **2018-12-01 — Term Loan Agreement…**: The term loan agreement was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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