# In the matter of Piramal Capital & Housing Finance Ltd Vs. Rajesh Thakkr, CP (IB)/158(AHM)/2022

> NCLT judgment dated 2022-06-24. Citation: TCN-2022-NCLT-02054. The case involves an application filed by a Financial Creditor under Section 95 of the…

- **Court:** NCLT
- **Order date:** 24 Jun 2022
- **Citation:** TCN-2022-NCLT-02054
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/piramal-capital-housing-finance-ltd-vs-rajesh-thakkr-cp-41ba43a6

## Summary

### Background

The case involves an application filed by a Financial Creditor under Section 95 of the Insolvency and Bankruptcy Code (IBC) seeking the initiation of the Insolvency Resolution Process against the personal guarantor of the Corporate Debtor, Mr. Rajesh Thakkar. The applicant is Piramal Capital & Housing Finance Limited (Formerly Known as Dewan Housing Finance Corporation Limited).

## Facts

Piramal Capital & Housing Finance Limited (Formerly Known as Dewan Housing Finance Corporation Limited) filed an application under Section 95 of the IBC seeking initiation of Insolvency Resolution Process against the personal guarantor, Mr. Rajesh Thakkar, of the Corporate Debtor. The applicant requested the appointment of an Insolvency Professional. The court appointed Mr. Hiten Ratilal Abhani as the Resolution Professional. An interim moratorium under Section 96 of the Code was ordered to commence from the date of application. The Resolution Professional was directed to file a report within ten days. The case was listed for further hearing on 04.08.2022.

## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 95 of the IBC for initiating …

**Ratio:** Section 95 of the IBC allows a financial creditor to file an application for initiating

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**Reasoning:** The court considered the application filed by the financial creditor under Section 95 of

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

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**Application:** The court applied Section 95 to the facts of the case, where the financial

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## Parties

- **Judges:** Dr.Deepti…; Ajai Das Me…
- **Appellants:** PIRAMAL CAPITAL &…
- **Respondents:** Rajesh T…

## Timeline

- **2022-06-24 — Order Del…**: The order was delivered…
- **2022-08-04 — Listing…**: The case was listed for…

## 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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