# In the matter of National Asset Reconstruction Company Limited vs. Manohar Lal Gupta

> NCLT judgment dated 2024-10-08. Citation: TCN-2024-NCLT-00461. The case involves a Company Petition filed by National Asset Reconstruction Company Limited…

- **Court:** NCLT
- **Order date:** 8 Oct 2024
- **Citation:** TCN-2024-NCLT-00461
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/national-asset-reconstruction-company-limited-vs-manohar-lal-gupta-fb3f30eb

## Summary

### Background

The case involves a Company Petition filed by National Asset Reconstruction Company Limited (“the Financial Creditor”) 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. Manohar Lal Gupta, the Personal Guarantor. The Corporate Debtor to the Personal Guarantor was admitted into CIRP by the Tribunal vide order dated 09.02.2023.

## Facts

National Asset Reconstruction Company Limited, the Financial Creditor, 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, to initiate Personal Insolvency Resolution Process (CIRP) against Mr. Manohar Lal Gupta, the Personal Guarantor. A demand notice dated 27.03.2023 was successfully delivered to the Personal Guarantor on 03.04.2023. The Corporate Debtor to the Personal Guarantor was admitted into CIRP by the Tribunal vide order dated 09.02.2023. The Petitioner recommended Mr. Kshitiz Gupta as the Resolution Professional. The petition was served

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor under Section 95 of the IBC for initiating …

**Ratio:** Section 95 of the Insolvency and Bankruptcy Code, 2016, allows a financial creditor to

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**Reasoning:** The court considered the submissions of the Ld. Counsel for the Financial Creditor and

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**Interpretation:** Section 95 provides a mechanism for financial creditors to recover debts from

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**Application:** The court found that the petition was maintainable as it was filed by a

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## Parties

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

## Timeline

- **2023-02-09 — Admission in…**: The Corporate Debtor to the Personal Guarantor was admitted into CIRP by the Tribunal…
- **2023-03-27 — Demand Noti…**: Date of the Demand Notice…

## 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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