# In the matter of Pridhvi Assets Reconstruction and Securitization Company Ltd Vs. Viragneni Anjaiah, CP (IB)/191/95/HDB/2022

> NCLT judgment dated 2023-05-25. Citation: TCN-2023-NCLT-03196. The case involves a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC),…

- **Court:** NCLT
- **Order date:** 25 May 2023
- **Citation:** TCN-2023-NCLT-03196
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pridhvi-assets-reconstruction-and-securitization-company-ltd-vs-viragneni-anjaia-722292ec

## Summary

### Background

The case involves a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, filed by Pridhvi Asset Reconstruction and Securitisation Company Ltd against Mr. Viragneni Anjaiah, a personal guarantor. The Financial Creditor sought to initiate insolvency resolution against the Personal Guarantor. The Ld. Counsel for the Financial Creditor requested more time to produce proof of service of demand notice on the Personal Guarantor.

## Facts

Pridhvi Asset Reconstruction and Securitisation Company Ltd filed a petition against Mr. Viragneni Anjaiah (Sri Pavana Keerthi Hotels India Pvt Ltd) under Section 95 of the IBC, 2016. The Financial Creditor's counsel requested more time to produce proof of service of the demand notice on the Personal Guarantor. The postal cover addressed to the Personal Guarantor was returned unserved with an endorsement indicating 'addressee absent'. The Personal Guarantor's counsel submitted that the mandatory demand notice was not served before filing the application. Section 95 of the IBC mandates a notice to the Personal Guarantor before initiating insolvency resolution. The court noted the absence of the mandatory notice.

## Issues and analysis

### Issue 1: Whether the application under Section 95 of the IBC is maintainable without serving a mandatory …

**Ratio:** Section 95 of the IBC mandates that a notice must be served to the Personal Guarantor

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**Reasoning:** The court reasoned that the mandatory demand notice was not served on the Personal

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**Interpretation:** Section 95 of the IBC is interpreted to mean that serving a demand notice to

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**Application:** In this case, since the demand notice was not served on Mr. Viragneni Anjaiah,

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** PRIDHVI ASSET…
- **Respondents:** Pavana Keerthi…; Viragneni A…

## Timeline

- **2023-05-25 — Hearing…**: Hearing held on 25-05-2023 at 11:00 AM…

## 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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