# In the matter of Nippon Life India Asset Management Ltd., Reliance India Realty Opportunities LLP & Vistra ITCL India Ltd. C.P. (IB) No. 52-BB-2022

> NCLT judgment dated 2022-06-09. Citation: TCN-2022-NCLT-02306. The case involves an application filed by Vistra ITCL India Limited, the Debenture Trustee, on…

- **Court:** NCLT
- **Order date:** 9 Jun 2022
- **Citation:** TCN-2022-NCLT-02306
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nippon-life-india-asset-management-ltd-reliance-india-realty-opportunities-llp-v-14d62a44

## Summary

### Background

The case involves an application filed by Vistra ITCL India Limited, the Debenture Trustee, on behalf of Debenture Holders including Nippon Life India Asset Management Limited and Reliance India Realty Opportunities LLP, seeking to initiate Insolvency Resolution Process against Mr. Chandrashekar Hariharan and Mrs. Kanchan Kaur, who are Personal Guarantors for loan facilities extended to Corporate Debtors: BCIL Red Earth Developers India Private Limited, Biodiversity Conservation India Private Limited, and BCIL Zed Ria Properties Private Limited. The Financial Creditors claim that the Corporate Debtors failed to pay outstanding amounts, leading to Demand Notices issued to the Personal Guarantors. Prior to this application, the Financial Creditors had initiated CIRP

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## Facts

Vistra ITCL India Limited, acting as Debenture Trustee on behalf of Debenture Holders, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, 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 Insolvency Resolution Process against Mr. Chandrashekar Hariharan and Mrs. Kanchan Kaur, who are Personal Guarantors for loan facilities extended to BCIL Red Earth Developers India Private Limited, Biodiversity Conservation India Private Limited, and BCIL Zed Ria Properties Private Limited (Corporate Debtors). The Debenture Holders had invested in the Corporate Debtor as per the Debenture Subscription

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## Issues and analysis

### Issue 1: Whether the application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with …

**Ratio:** Section 95(1) of the IBC allows a creditor to apply to the Adjudicating Authority for

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**Reasoning:** The Tribunal considered the pleadings of the parties and the relevant provisions of the

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**Interpretation:** Section 95(1) provides a mechanism for creditors to recover debts from personal

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**Application:** In this case, the Financial Creditors demonstrated that the Corporate Debtors

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## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Appellants:** Nippon Life India…
- **Respondents:** BCIL Red Earth…; Chandrashekar…

## Timeline

- **2014-01-17 — Debenture Subscription…**: Debenture Holders decided to invest in the Corporate Debtor as per the Debenture…
- **2017-04-12 — Demand N…**: Demand Notice issued to the Personal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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