# In the matter of National Asset Reconstruction Company Limited vs. Anil Miittal

> NCLT judgment dated 2024-10-08. Citation: TCN-2024-NCLT-00460. National Asset Reconstruction Company Limited filed a Company Petition under Section 95 of the…

- **Court:** NCLT
- **Order date:** 8 Oct 2024
- **Citation:** TCN-2024-NCLT-00460
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/national-asset-reconstruction-company-limited-vs-anil-miittal-b72fd7b8

## Summary

### Background

National Asset Reconstruction Company Limited filed a Company Petition under Section 95 of the Insolvency & 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, seeking to initiate Personal Insolvency Resolution Process (CIRP) against Mr. Anil Mittal, the Personal Guarantor. The Demand Notice dated 27.03.2023 was successfully delivered upon the Personal Guarantor through RPAD on 03.04.2023, and a copy of the Petition was also served. The Corporate Debtor to the Personal Guarantor was admitted into CIRP by this Tribunal vide order dated 09.02.2023.

## Facts

National Asset Reconstruction Company Limited filed a petition to initiate Personal Insolvency Resolution Process (CIRP) against Mr. Anil Mittal, who is the Personal Guarantor. The petition was filed under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC). A demand notice dated 27.03.2023 was served to the Personal Guarantor on 03.04.2023. The Corporate Debtor to the Personal Guarantor was admitted into CIRP by this Tribunal vide order dated 09.02.2023. Mr. Kshitiz Gupta was appointed as the Resolution Professional (RP). An advance payment of Rs.2,00,000/- was directed to be paid to the RP. An interim-moratorium under Section 96(1)(a) of the IBC was initiated. The matter was listed for further consideration on 18.11.2024.

## Issues and analysis

### Issue 1: Whether the petition to initiate Personal Insolvency Resolution Process (CIRP) against Mr. Anil …

**Ratio:** Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC) read with Rule 7(2) of the

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**Reasoning:** The court considered the fact that the demand notice was served to the Personal Guarantor

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**Interpretation:** Section 95 of the IBC provides a mechanism for initiating insolvency

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**Application:** The court applied Section 95 of the IBC and the relevant rules to the facts of

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** National Asset…
- **Respondents:** Anil Mi…

## Timeline

- **2023-03-27 — Demand Noti…**: Demand Notice was issued to…
- **2023-04-03 — Demand Notice…**: Demand Notice was successfully delivered…

## 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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