# In the matter of Rupinder Singh Khurana vs. ICICI Bank Ltd. & Ors.

> NCLT judgment dated 2024-01-09. Citation: TCN-2024-NCLT-03219. The present petition, CP (IB) No. 114/ND/2021, was filed under Section 94(1) of the Insolvency…

- **Court:** NCLT
- **Order date:** 9 Jan 2024
- **Citation:** TCN-2024-NCLT-03219
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rupinder-singh-khurana-vs-icici-bank-ltd-ors-d2b79e13

## Summary

### Background

The present petition, CP (IB) No. 114/ND/2021, was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution process for Personal Guarantors to Corporate Debtor) Rules, 2019, and regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. The petition was filed by Mr. Rupinder Singh Khurana, the Personal Guarantor of M/s V. Angelz Technologies Private Limited (Corporate Debtor), seeking to initiate the Insolvency Resolution Process.

## Facts

Mr. Rupinder Singh Khurana, acting as the Personal Guarantor for M/s V. Angelz Technologies Private Limited (the Corporate Debtor), filed a petition (CP (IB) No. 114/ND/2021) under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The application was filed in accordance with the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution process for Personal Guarantors to Corporate Debtor) Rules, 2019, and IBBI regulations. The court noted that the Financial Creditor and Corporate Debtor had been served a copy of the application. The application did not propose a Resolution Professional, leading the Adjudicating Authority to appoint Mr. Dharmendra Kumar. The appointed RP is

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## Issues and analysis

### Issue 1: Whether the application filed by Mr. Rupinder Singh Khurana, Personal Guarantor of M/s V. Angelz …

**Ratio:** Section 94(1) of the Insolvency and Bankruptcy Code, 2016, allows a debtor to apply for

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**Reasoning:** The court considered the application filed by Mr. Khurana under the relevant provisions

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**Interpretation:** Section 94(1) provides the legal basis for a debtor, including a personal

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**Application:** The court applied Section 94(1) to the facts of the case, where Mr. Khurana, as

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** Rupinder Singh…
- **Respondents:** M/s V. Angelz…; ICICI Ban…
- **Advocates:** Ompa…; Anirudh…; +2 more

## Timeline

- **2021-01-01 — Case Fil…**: CP IB No. 114/ND/2021 filed by…
- **2024-01-01 — RP Validity…**: Validity period of Insolvency Professional(s)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94(1) — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

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