# In the matter of National Asset Reconstruction Company Limited vs. Vinod Kumar Gupta

> NCLT judgment dated 2024-10-08. Citation: TCN-2024-NCLT-00465. The case involves a Company Petition filed by National Asset Reconstruction Company Limited…

- **Court:** NCLT
- **Order date:** 8 Oct 2024
- **Citation:** TCN-2024-NCLT-00465
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/national-asset-reconstruction-company-limited-vs-vinod-kumar-gupta-0f99491d

## 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. Vinod Kumar 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, seeking to initiate Personal Insolvency Resolution Process (CIRP) against Mr. Vinod Kumar Gupta, 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 on their last known correct address. The Petition was served upon the Insolvency and Bankruptcy Board of India, and an affidavit in

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor under Section 95 of the Insolvency & …

**Ratio:** Section 95 of the Insolvency and Bankruptcy Code, 2016, provides for the initiation of

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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 of the IBC allows a financial creditor to initiate CIRP against a

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

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## Parties

- **Judges:** V.G. B…; Prabhat…
- **Appellants:** National Asset…
- **Respondents:** MR VINOD KUMAR…

## Timeline

- **2023-03-27 — Demand Noti…**: Demand Notice was issued to…
- **2023-04-03 — Service of Dema…**: 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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