# In the matter of PNB Housing Finance Ltd. vs. Vinod Kumar Gupta

> NCLT judgment dated 2022-08-12. Citation: TCN-2022-NCLT-01386. PNB Housing Finance Limited, the 'Applicant/Creditor', filed an application under Section 95(1)…

- **Court:** NCLT
- **Order date:** 12 Aug 2022
- **Citation:** TCN-2022-NCLT-01386
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pnb-housing-finance-ltd-vs-vinod-kumar-gupta-05cb4aa2

## Summary

### Background

PNB Housing Finance Limited, the 'Applicant/Creditor', filed an application under Section 95(1) r/w 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. Vinod Kumar Gupta, the 'Personal Guarantor/Debtor'. Mr. Gupta is the guarantor of M/s Ajnara India Limited and M/s Adonis Buildtech Private Limited, the ‘Corporate Debtors herein referred as Borrowers'. The applicant had provided various construction finance/credit facilities to the Corporate Debtors, and the corporate debtors defaulted on the repayment of the loan.

## Facts

PNB Housing Finance Limited ('Applicant/Creditor') filed an application to initiate the Insolvency Resolution Process against Mr. Vinod Kumar Gupta ('Personal Guarantor/Debtor'). Mr. Gupta is the guarantor for M/s Ajnara India Limited and M/s Adonis Buildtech Private Limited ('Corporate Debtors'). The applicant provided construction finance/credit facilities to the Corporate Debtors. Three loan agreements were executed between the Applicant and the Corporate Debtor on 14.12.2016, 24.05.2017, and 28.08.2018. The Applicant claimed a total debt of Rs. 1,82,34,06,251.65.00. The Applicant invoked the Guarantee vide Notices dated 16.04.2021 and 28.06.2021. A Demand Notice in Form-B was sent on 20.11.2021 to the Personal Guarantor demanding payment of Rs.1,79,01,74,275.33 as

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## 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 Hon'ble NCLAT in the matter of State Bank of India Vs. Mahendra Kumar

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**Reasoning:** The Adjudicating Authority referred to the NCLAT judgment, which was upheld by the

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**Interpretation:** Section 95 of the IBC allows a creditor to initiate insolvency resolution

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**Application:** In this case, the Personal Guarantor argued that the application under Section

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## Parties

- **Judges:** Sh. Dharminder…; SH. L. N.…
- **Appellants:** PNB Housing…
- **Respondents:** Ajnara India…; Vinod Kumar…
- **Advocates:** V.D' C…; Astha…; +3 more

## Timeline

- **2016-12-14 — Loan Agre…**: First loan agreement executed between the…
- **2017-05-24 — Loan Agre…**: Second loan agreement executed between…

## 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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