# In the matter of National Asset Reconstruction Company Ltd. vs. Mrs Alpana
Gupta

> NCLT judgment dated 2024-10-08. Citation: TCN-2024-NCLT-00463. The case involves a Company Petition filed by National Asset Reconstruction Company Limited…

- **Court:** NCLT
- **Order date:** 8 Oct 2024
- **Citation:** TCN-2024-NCLT-00463
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/national-asset-reconstruction-company-ltd-vs-mrs-alpana-gupta-af7c304a

## 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 Ms. Alpana Gupta, the Personal Guarantor. The Demand Notice dated 27.03.2023 was successfully delivered to the Personal Guarantor on 03.04.2023.

## 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 Ms. Alpana Gupta, the Personal Guarantor. The Demand Notice dated 27.03.2023 was successfully delivered to the Personal Guarantor through RPAD on 03.04.2023. The Corporate Debtor to the Personal Guarantor was admitted into CIRP by the Tribunal vide order dated 09.02.2023. Mr. Kshitiz Gupta was appointed as the Resolution Professional (RP).

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## Issues and analysis

### Issue 1: Whether the petition filed by National Asset Reconstruction Company Limited under Section 95 of the …

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

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**Reasoning:** The court considered the fact that the petition was filed by a financial creditor,

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**Interpretation:** Section 95 provides a mechanism for financial creditors to pursue insolvency

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**Application:** The court applied Section 95 to the facts of the case, finding that the

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## Parties

- **Judges:** SH. PRABHAT…; V.G. B…
- **Appellants:** National Asset…
- **Respondents:** MRS ALPANA…
- **Advocates:** Shriraj Kh…

## Timeline

- **2023-03-27 — Demand Noti…**: Demand Notice was…
- **2023-04-03 — Delivery of Demand…**: Demand Notice was successfully…

## 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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