# In the matter of PNB Housing Finance Ltd Vs. Ashok Kumar Gupta, CP (IB) No. 221(ND)/2022

> NCLT judgment dated 2022-06-06. Citation: TCN-2022-NCLT-02380. The case involves an application preferred by PNB Housing Finance Limited, the Financial…

- **Court:** NCLT
- **Order date:** 6 Jun 2022
- **Citation:** TCN-2022-NCLT-02380
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pnb-housing-finance-ltd-vs-ashok-kumar-gupta-cp-1b8da2d6

## Summary

### Background

The case involves an application preferred by PNB Housing Finance Limited, the Financial Creditor, under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Ashok Kumar Gupta, the Personal Guarantor, related to credit facilities extended to M/s. Ajnara India Limited and Adonis Buildtech Pvt Ltd, the Corporate Debtors. The application seeks the appointment of a Resolution Professional (RP).

## Facts

PNB Housing Finance Limited extended six financial facilities to Ajnara India Ltd. & Adonis Buildtech Pvt. Ltd. The facilities were granted between 14.12.2016 and 28.08.2018. Mr. Ashok Kumar Gupta stood as a Personal Guarantor to secure these loan facilities. The Corporate Debtors defaulted on payments, leading to the account being declared NPA on 05.06.2021. The total outstanding amount was Rs. 1,82,34,06,251.65. A demand notice under Form B was issued to the Personal Guarantor on 19.11.2021, which was duly received on 22.11.2021 & 24.11.2021. The Financial Creditor filed a petition on 17.03.2022 for initiating Insolvency against the Personal Guarantor. The Personal Guarantor was served again on 24.03.2022 with the Court Notice, but he failed to reply.

## Issues and analysis

### Issue 1: Whether the application under Section 95 of IBC can be rejected merely on the ground that no CIRP …

**Ratio:** The judgment of the Hon'ble NCLAT in Mahendra Kumar Jajodia (Supra) infers that an

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**Reasoning:** The Adjudicating Authority relied on the NCLAT's judgment in Mahendra Kumar Jajodia to

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**Interpretation:** This interpretation suggests that the insolvency resolution process for

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**Application:** In this case, the Adjudicating Authority proceeded with the application against

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## Parties

- **Judges:** Sh. Abni Ranjan…; SH. L. N.…
- **Appellants:** PNB Housing…
- **Respondents:** Ajnara India…; ASHOK KUMAR…

## Timeline

- **2016-12-14 — Financial Facilities…**: PNB Housing Finance Limited granted financial facilities to Ajnara India Ltd. & Adonis…
- **2017-05-24 — Financial Facilities…**: PNB Housing Finance Limited granted financial facilities to Ajnara India Ltd. & Adonis…

## 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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