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

> NCLT judgment dated 2024-10-30. Citation: TCN-2024-NCLT-00314. The case involves a petition filed under Section 95(1) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 30 Oct 2024
- **Citation:** TCN-2024-NCLT-00314
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/piramal-trusteeship-services-private-limited-vs-sandeep-hirani-bcb9103d

## Summary

### Background

The case involves a petition filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) by Piramal Trusteeship Services Private Limited (Applicant) against Mr. Sandeep Hirani (Respondent/Personal Guarantor) for initiating Insolvency Resolution Process. A Security Trustee Agreement was executed on 21.03.2018 between Shamik Enterprises Pvt. Ltd. (Corporate Debtor) as Borrower, Piramal Capital and Housing Limited (Lender), and Piramal Trusteeship Private Limited (Security Trustee). A Loan Agreement was entered into on 22.03.2018, where a loan of Rs. 52 Crores was advanced to the Corporate Debtor. A Deed of Guarantee was executed on 22.03.2018, with the Respondent providing an unconditional and irrevocable Personal Guarantee for the loan repayment.

## Facts

Piramal Trusteeship Services Private Limited filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Sandeep Hirani, who is the personal guarantor for Shamik Enterprises Pvt. Ltd., the Corporate Debtor. A Security Trustee Agreement was executed on 21.03.2018 between Shamik Enterprises, Piramal Capital, and Piramal Trusteeship. A Loan Agreement was entered into on 22.03.2018, where a loan of Rs. 52 Crores was advanced to the Corporate Debtor. A Deed of Guarantee was executed on 22.03.2018, with Mr. Hirani providing an unconditional and irrevocable Personal Guarantee for the loan repayment. On 03.02.2022, Corporate Insolvency Resolution Process was initiated against the Corporate Debtor. As of 03.02.2022, a debt of Rs.8,89,49,651/-

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## Issues and analysis

### Issue 1: Whether the petition for initiating insolvency resolution process against the Personal Guarantor to …

**Ratio:** The court relied on the principle that at the stage of initiating insolvency resolution

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**Reasoning:** The court reasoned that the petition is prima facie complete in all respects, and no

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**Interpretation:** The interpretation is that the initial stage of the insolvency resolution

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

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## Parties

- **Judges:** Charanjeet Singh…; Smt Lakshmi…
- **Appellants:** Piramal Trusteeshi…
- **Respondents:** Shamik Enterprises…; Sandeep H…

## Timeline

- **2018-03-21 — Security Trustee…**: A Security Trustee Agreement was executed between Shamik Enterprises Pvt. Ltd., Piramal…
- **2018-03-22 — Loan Agre…**: A Loan Agreement was entered into, under which a loan of Rs. 52 Crores was advanced to…

## 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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