# In the matter of Piramal Capital & Housing Finance Ltd Vs. Rajesh Thakkar, CP (IB)/157(AHM)/2022

> NCLT judgment dated 2022-07-04. Citation: TCN-2022-NCLT-01904. The case pertains to proceedings under Section 95 of the Insolvency and Bankruptcy Code (IBC).…

- **Court:** NCLT
- **Order date:** 4 Jul 2022
- **Citation:** TCN-2022-NCLT-01904
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/piramal-capital-housing-finance-ltd-vs-rajesh-thakkar-cp-58983b7b

## Summary

### Background

The case pertains to proceedings under Section 95 of the Insolvency and Bankruptcy Code (IBC). Piramal Capital & Housing Finance Ltd, formerly known as Dewan Housing Finance Corporation Ltd, filed an application against Rajesh Thakkar. The application seeks initiation of the Insolvency Resolution Process against Rajesh Thakkar, who is the personal guarantor of the Corporate Debtor, M/s. Devnandan Infracon Pvt. Ltd.

## Facts

Piramal Capital & Housing Finance Ltd (formerly known as Dewan Housing Finance Corporation Ltd) filed an application under Section 95 of the IBC against Rajesh Thakkar, who is the personal guarantor of the Corporate Debtor, M/s. Devnandan Infracon Pvt. Ltd. The application seeks initiation of the Insolvency Resolution Process. Advance notice was served upon the Respondent, but no one appeared. The court directed the petitioner and the registry to send notice to the respondent via speed post and email, and to file an affidavit of proof of service. An interim moratorium under Section 96 of the Code shall commence from the date of application. The RP, as suggested by the Applicant, Mr. Hiten Ratilal Abhani, is directed to file a report within ten days. The matter was

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## Issues and analysis

### Issue 1: Whether the application under Section 95 of the IBC for initiating Insolvency Resolution Process …

**Ratio:** Section 95 of the IBC allows for the initiation of the Insolvency Resolution Process

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**Reasoning:** The court acknowledges the application is filed under Section 95 of the Code, which

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

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**Application:** The application is filed against Rajesh Thakkar, the personal guarantor of M/s.

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Piramal Capital…
- **Respondents:** Devnandan…; Rajesh Th…

## Timeline

- **2022-07-04 — Order Del…**: Order delivered on…
- **2022-09-12 — Matter Adj…**: Matter stands adjourned…

## 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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