# In the matter of Punjab National Bank vs. Sanjeeb Ranjeet Das

> NCLT judgment dated 2024-10-03. Citation: TCN-2024-NCLT-00502. The case involves a petition filed by Punjab National Bank under Section 95 of the Insolvency…

- **Court:** NCLT
- **Order date:** 3 Oct 2024
- **Citation:** TCN-2024-NCLT-00502
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/punjab-national-bank-vs-sanjeeb-ranjeet-das-72716058

## Summary

### Background

The case involves a petition filed by Punjab National Bank under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the insolvency resolution process against Sanjeeb Ranjeet Das, the personal guarantor to the corporate debtor, Poscho Steels Private Limited. The financial creditor seeks recovery of INR 192,59,70,919.51 as of April 30, 2022, along with applicable interest, costs, dues, and expenses. The date of default was initially specified as December 1, 2015, but was later amended to December 22, 2021, corresponding to the date of the demand notice served to the personal guarantor.

## Facts

Punjab National Bank (PNB) filed a petition under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016 against Sanjeeb Ranjeet Das, who is the personal guarantor for Poscho Steels Private Limited (the corporate debtor). PNB seeks to recover INR 192,59,70,919.51 as of April 30, 2022, along with interest, costs, and expenses. The initial date of default was stated as December 1, 2015, which was the date of default for the principal borrower. A demand notice was issued to the personal guarantor on May 10, 2022, and successfully delivered on May 11, 2022. The petitioner later amended the petition to reflect a new date of default as December 22, 2021, which is when a new Form B demand notice was issued to the personal guarantor. The respondent argued that the

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## Issues and analysis

### Issue 1: Whether the amendment of the date of …

**Ratio:** The liability of a guarantor arises upon

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**Reasoning:** The court reasoned that the initial date of default stated in the petition was the date

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**Interpretation:** The interpretation is that the date of default for a personal guarantor is not

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**Application:** The court applied this principle to the facts of the case, holding that the

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## Parties

- **Judges:** V.G. B…; Prabhat…
- **Appellants:** Punjab National…
- **Respondents:** Poscho Steels…; Sanjeeb Ranjeet…

## Timeline

- **2011-06-22 — Deed of Guarantee…**: Deed of Guarantee was…
- **2015-12-01 — Initial Date o…**: Initial date of default as per the petition, which was the date of default for the…

## 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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