# In the matter of Piramal Trusteeship Services Private Limited vs. Haresh Hirani

> NCLT judgment dated 2024-12-02. Citation: TCN-2024-NCLT-00117. The case involves an application filed under Section 95 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 2 Dec 2024
- **Citation:** TCN-2024-NCLT-00117
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/piramal-trusteeship-services-private-limited-vs-haresh-hirani-8008faa6

## Summary

### Background

The case involves an application filed under Section 95 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. Piramal Trusteeship Services Private Limited, the Financial Creditor, initiated the Personal Guarantor's Insolvency Resolution Process (PGIRP) against Mr. Haresh Hirani, the Personal Guarantor, based on a default that occurred on March 19, 2022, with the amount in default stated as INR 8,89,49,651/-. The Corporate Debtor, Shamik Enterprises Private Limited, had entered into a Loan Agreement with Piramal Finance Limited on March 22, 2018, for a loan of Rs. 52 crores. This loan was secured

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## Facts

On March 22, 2018, Shamik Enterprises Private Limited (Corporate Debtor) entered into a Loan Agreement with Piramal Finance Limited for a loan of Rs. 52 crores. The loan carried an interest rate of 16.96% p.a., compounded monthly but payable quarterly, with a tenure of 18 quarters and a moratorium of 6 quarters. Haresh Hirani (Respondent/Personal Guarantor) provided an unconditional and irrevocable Personal Guarantee in favor of Piramal Trusteeship Services Private Limited, guaranteeing the repayment of the loan. On February 3, 2022, CIRP was initiated against the Corporate Debtor. On March 4, 2022, the Applicant issued a Demand Notice to the Respondent, seeking repayment of INR 8,89,49,651/-. The Respondent replied on March 22, 2022, admitting that the Corporate

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## Issues and analysis

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

**Ratio:** Section 95 of the IBC allows a creditor to initiate insolvency resolution process against

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**Reasoning:** The court found that the Corporate Debtor had defaulted on its loan obligations, and the

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

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**Application:** The court applied Section 95 to the facts of the case, finding that the

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## Parties

- **Judges:** ANIL RAJ C…; Kuldip Kumar…
- **Appellants:** Piramal Trusteeshi…
- **Respondents:** Shamik Enterprises…; Haresh H…
- **Advocates:** Saif Ding…; Rushab C…; +3 more

## Timeline

- **2018-03-22 — Loan Agre…**: Shamik Enterprises Private Limited entered into a Loan Agreement with Piramal Finance…
- **2018-03-22 — Personal Gu…**: Haresh Hirani provided an unconditional…

## 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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