# In the matter of Sanjay D Kanani Through RP of Rahul N Shah Vs. Kotak Mahindra Bank CP(IB)/60(AHM)2022

> NCLT judgment dated 2022-07-26. Citation: TCN-2022-NCLT-01568. The application is filed under Section 95 of the Code seeking initiation of Insolvency…

- **Court:** NCLT
- **Order date:** 26 Jul 2022
- **Citation:** TCN-2022-NCLT-01568
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sanjay-d-kanani-through-rp-of-rahul-n-shah-vs-kotak-mahindra-bank-cp-990146b3

## 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, Honest Derivatives Private Limited. Issue notice was given.

## Facts

An application was filed under Section 95 of the Insolvency and Bankruptcy Code (IBC) to initiate the Insolvency Resolution Process against the personal guarantor of the Corporate Debtor, Honest Derivatives Private Limited. The applicant filed the application through Resolution Professional Mr. Shah Rahul Nareshbhai, who is registered with IBBI. A declaration stating that no disciplinary proceedings are pending against the RP was also obtained. The court appointed Mr. Shah Rahul Nareshbhai as the RP and directed him to file a report within ten days. An interim moratorium was also declared, commencing from the date of the application. The matter was listed for further consideration on 23.09.2022.

## Issues and analysis

### Issue 1: Whether to initiate the Insolvency Resolution Process against the personal guarantor of the …

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

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**Reasoning:** The application was filed under Section 95 of the Code seeking initiation of Insolvency

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

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**Application:** The court considered the application and the fact that it was filed against the

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## Parties

- **Judges:** Dr.Deepti…; Ajai Das Me…
- **Appellants:** Sanjay D Kanani…
- **Respondents:** Honest Derivatives…; Kotak Mahindra…

## Timeline

- **2022-07-26 — Order Del…**: The order was d…
- **2022-09-23 — Further Consi…**: The matter is listed for…

## 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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