# In the matter of PNB Housing Finance Ltd Vs. Komal Machindar, CP (IB)/1036(MB)/2021

> NCLT judgment dated 2022-12-06. Citation: TCN-2022-NCLT-00230. PNB Housing Finance Limited filed a Company Petition under Section 95 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 6 Dec 2022
- **Citation:** TCN-2022-NCLT-00230
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pnb-housing-finance-ltd-vs-komal-machindar-cp-58574a0a

## Summary

### Background

PNB Housing Finance Limited filed a Company Petition 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 Guarantor to Corporate Debtors) Rules, 2019, to initiate Personal Insolvency Resolution Process against Ms. Komal Machindar, the Personal Guarantor. The demand notice dated 05.10.2019 was delivered to the Personal Guarantor of the Corporate Debtor on 09.10.2019. The petition was delivered on 20.10.2021, and the court notice was also successfully delivered on 17.11.2021.

## Facts

PNB Housing Finance Limited filed a petition under Section 95 of the IBC to initiate the Personal Insolvency Resolution Process against Ms. Komal Machindar, who is the Personal Guarantor of the Corporate Debtor, Ornate Spaces Private Limited. Ornate Spaces Private Limited is undergoing CIRP vide order dated 29.06.2020. The demand notice was delivered to the Personal Guarantor on 09.10.2019, and the petition was delivered on 20.10.2021. The court notice was delivered on 17.11.2021. The petition is deemed complete. Mr. T. Narayana Swamy was appointed as the Insolvency Resolution Professional (RP).

## Issues and analysis

### Issue 1: Whether the requirements under Section 95 of the Insolvency and Bankruptcy Code, 2016, have been …

**Ratio:** Section 95 of the Insolvency and Bankruptcy Code, 2016, outlines the procedure for

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**Reasoning:** The court noted that the demand notice dated 05.10.2019 was successfully delivered to the

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**Interpretation:** Section 95 requires that the applicant demonstrates that the necessary notices

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**Application:** In this case, the Ld. Counsel for the Petitioner/Financial Creditor submitted

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** PNB Housing…
- **Respondents:** Ornate Spaces…; Komal Mac…

## Timeline

- **2019-05-10 — Demand Noti…**: Demand Notice dated…
- **2019-10-09 — Demand Notice…**: Demand Notice was successfully delivered to the Personal Guarantor of the Corporate…

## 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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