# In the matter of Noble Co-operative Bank Ltd Vs. Vivek Prakash, CP (IB)/71(ND)/2022

> NCLT judgment dated 2022-08-18. Citation: TCN-2022-NCLT-01333. The case involves an application IA-1406/2022 filed in Company Petition (IB) No. 71(ND)/2022…

- **Court:** NCLT
- **Order date:** 18 Aug 2022
- **Citation:** TCN-2022-NCLT-01333
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/noble-co-operative-bank-ltd-vs-vivek-prakash-cp-11a6e90b

## Summary

### Background

The case involves an application IA-1406/2022 filed in Company Petition (IB) No. 71(ND)/2022 under Sections 96, 97, 99 & 100 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. Noble Cooperative Bank Ltd., the financial creditor, filed a petition against Mr. Vivek Prakash, the personal guarantor of the corporate debtor, Jarvis Infratech Private Limited, for outstanding dues of Rs. 1,03,69,628/-.

## Facts

Noble Cooperative Bank Ltd. filed a petition against Mr. Vivek Prakash, who is the personal guarantor for Jarvis Infratech Private Limited, the corporate debtor. The petition was filed under Section 95 of the IBC, seeking to initiate the insolvency resolution process against the personal guarantor due to outstanding dues of Rs. 1,03,69,628/-. Jarvis Infratech Private Limited was admitted into CIRP on 10.02.2020 and subsequently went into liquidation on 16.02.2021. The financial creditor, Noble Cooperative Bank Ltd., filed a claim with the liquidator for Rs. 1,27,69,628/-, out of which Rs. 1,25,69,628/- was admitted. A payment of Rs. 22,00,000/- was made from the liquidation proceeds. The corporate debtor availed an overdraft loan facility, executing a loan application

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## Issues and analysis

### Issue 1: Whether the application filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 for …

**Ratio:** The ratio is based on the provisions of Section 95 and Section 100 of the Insolvency and

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**Reasoning:** The Adjudicating Authority reasoned that the Corporate Debtor had defaulted on its

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**Interpretation:** The interpretation involves understanding the provisions of the IBC relating to

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** P.S.N. P…; RAHUL BHA…
- **Respondents:** Jarvis Infratech…; Vivek Pr…
- **Advocates:** Govind Bh…; Paridhi…

## Timeline

- **2019-02-18 — Loan Application Form…**: The Corporate Debtor executed the Overdraft Loan facility and executed the Loan…
- **2019-03-06 — Loan Agreement…**: The Corporate Debtor executed Loan Agreement, Documentation and Security Kit on behalf of…

## 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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