# In the matter of Phoenix ARC Pvt Ltd Vs. Taradevi Bhoot, CP(IB)/523(MB)/2021

> NCLT judgment dated 2023-03-06. Citation: TCN-2023-NCLT-04308. Phoenix ARC Private Limited, acting as a creditor, filed a company petition under Section 95(1)…

- **Court:** NCLT
- **Order date:** 6 Mar 2023
- **Citation:** TCN-2023-NCLT-04308
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/phoenix-arc-pvt-ltd-vs-taradevi-bhoot-cp-adee95bb

## Summary

### Background

Phoenix ARC Private Limited, acting as a creditor, filed a company petition under Section 95(1) of the Insolvency and Bankruptcy Code (IBC) 2016 against Smt. Taradevi Bhoot, who is the Personal Guarantor. The petition seeks the initiation of the Insolvency Resolution Process against the personal guarantor.

## Facts

Phoenix ARC Private Limited, in its capacity as a creditor, initiated a company petition against Smt. Taradevi Bhoot under Section 95(1) of the IBC 2016. Smt. Taradevi Bhoot is the personal guarantor. The petition aims to commence the Insolvency Resolution Process. The NCLT Mumbai Bench appointed Mr. Gaurang Chhotalal Shah as the Interim Resolution Professional (IRP) with Registration No. IBBI/IPA-002/IP-N00947/2019-2020/13002. The IRP is tasked with examining the petition and submitting a report within 10 days from the order date. The matter is scheduled for the submission of the report by the Resolution Professional on 02.05.2023.

## Issues and analysis

### Issue 1: Whether the petition filed by Phoenix ARC Private Limited under Section 95(1) of the IBC 2016 for …

**Ratio:** Section 95(1) of the IBC 2016 allows a creditor to initiate insolvency resolution process

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**Reasoning:** The court considered the provisions of Section 95(1) of the IBC, which provides the legal

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**Interpretation:** Section 95(1) of the IBC is interpreted to mean that a creditor can file an

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**Application:** Phoenix ARC Private Limited, being a creditor, has invoked Section 95(1) of the

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## Parties

- **Judges:** ANURADHA SANJAY…; KISHORE VEMULAPALL…
- **Appellants:** Phoenix Arc…
- **Respondents:** Taradevi…

## Timeline

- **2023-03-06 — Order Da…**: Order sheet of the hearing of Mumbai Bench…
- **2023-05-02 — Report Submiss…**: Date for submission of the report…

## 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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