# In the matter of Sangeeta Ajay Goenka vs. Union Bank of India & Others

> NCLT judgment dated 2024-06-12. Citation: TCN-2024-NCLT-01169. The case involves an application filed by the Personal Guarantor, Sangeeta Ajay Goenka PG…

- **Court:** NCLT
- **Order date:** 12 Jun 2024
- **Citation:** TCN-2024-NCLT-01169
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sangeeta-ajay-goenka-vs-union-bank-of-india-others-6f42a987

## Summary

### Background

The case involves an application filed by the Personal Guarantor, Sangeeta Ajay Goenka PG Rainbow Papers Ltd through Janak Jagjivan Shah, under Section 94 of the Insolvency and Bankruptcy Code (IBC), 2016. The applicant has also filed an affidavit dated 13.05.2024 in compliance with Sec 94(4) and Sec 94(5) of IBC 2016. The application is related to the corporate debtor Rainbow Papers Ltd.

## Facts

The Personal Guarantor, Sangeeta Ajay Goenka PG Rainbow Papers Ltd through Janak Jagjivan Shah, filed an application under Section 94 of the IBC, 2016, related to the Corporate Debtor Rainbow Papers Ltd. An affidavit dated 13.05.2024 was filed in compliance with Sec 94(4) and Sec 94(5) of IBC 2016. The application was filed through a Resolution Professional. An amendment in Regulations 2019 allows the appointment of the same Insolvency Professional for both the corporate process and the personal guarantor's insolvency process. Mr. Ramchandra Dallaram Choudhary was appointed as the Resolution Professional. The Resolution Professional is required to serve notice, examine the application, and file a report within 10 days.

## Issues and analysis

### Issue 1: Whether the application filed by the Personal Guarantor under Section 94 of the IBC, 2016 is …

**Ratio:** Section 94 of the IBC, 2016 allows a debtor to apply for initiating the insolvency

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**Reasoning:** The court considered the application filed by the personal guarantor under Section 94 of

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**Interpretation:** Section 94 of IBC provides a mechanism for individuals to initiate insolvency

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**Application:** The application was filed by the Personal Guarantor, Sangeeta Ajay Goenka PG

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Sangeeta Ajay…
- **Respondents:** Rainbow Papers…; Union Bank of…

## Timeline

- **2024-05-13 — Affidavit…**: An affidavit was filed by the applicant in compliance with Sec 94(4) and Sec 94(5) of IBC…
- **2024-02-03 — IBBI Cir…**: Circular No. IBBI/PR/24/5 was issued, amending regulations regarding the appointment of…

## Legal provisions

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

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