# In the matter of Salem Stainless Steel Suppliers Pvt Ltd Vs. Santhosh Kumar PK, CP (IB)/142(AHM)/2022

> NCLT judgment dated 2022-06-17. Citation: TCN-2022-NCLT-02190. The application is filed under Section 95 of the Code seeking initiation of Insolvency…

- **Court:** NCLT
- **Order date:** 17 Jun 2022
- **Citation:** TCN-2022-NCLT-02190
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/salem-stainless-steel-suppliers-pvt-ltd-vs-santhosh-kumar-pk-cp-a719029d

## Summary

### Background

The application is filed under Section 95 of the Code seeking initiation of Insolvency Resolution Process against the personal guarantor of the Corporate Debtor, namely, Mr. Santosh Kumar PK. The applicant states that the present application is filed through Resolution Professional Mr. Virendra Maurya, having Registration No. IBBI/IPA-001/IP-P02627/2021-2022/14022 and a declaration with respect to no disciplinary proceedings being pending against the RP is also filed.

## Facts

Salem Stainless Steel Suppliers Pvt Ltd filed an application under Section 95 of the IBC seeking initiation of the Insolvency Resolution Process against the personal guarantor of the Corporate Debtor, Mr. Santosh Kumar PK. The application was filed through Resolution Professional Mr. Virendra Maurya. A declaration stating that no disciplinary proceedings are pending against the RP was also filed. The court issued notice and appointed Mr. Virendra Maurya as the RP.

## Issues and analysis

### Issue 1: Whether the application under Section 95 of the IBC for initiating Insolvency Resolution Process …

**Ratio:** Section 95 of the IBC allows for the initiation of the Insolvency Resolution Process

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**Reasoning:** The court considered the application filed under Section 95 of the IBC. The court noted

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**Interpretation:** Section 95 provides a mechanism for creditors to pursue insolvency proceedings

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**Application:** The application was deemed maintainable as it was filed under Section 95 of the

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## Parties

- **Judges:** Dr.Deepti…; Ajai Das Me…
- **Appellants:** Salem Stainless…
- **Respondents:** Santosh Ku…

## Timeline

- **2022-06-17 — Order Del…**: Order delivered on…
- **2022-08-16 — Further Consi…**: Matter listed for further…

## 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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