# In the matter of Shyam Goel vs. Punjab National Bank & Ors.

> NCLT judgment dated 2024-02-13. Citation: TCN-2024-NCLT-02616. The case pertains to an application filed by Shyam Goel, a personal guarantor of M/s Shreedhar…

- **Court:** NCLT
- **Order date:** 13 Feb 2024
- **Citation:** TCN-2024-NCLT-02616
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shyam-goel-vs-punjab-national-bank-ors-06629fac

## Summary

### Background

The case pertains to an application filed by Shyam Goel, a personal guarantor of M/s Shreedhar Milk foods Limited (Corporate Debtor), under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process. The application was filed under the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution process for Personal Guarantors to Corporate Debtor) Rules, 2019.

## Facts

Shyam Goel, residing at 406, Sector-37, Faridabad, Haryana-121003, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, as a personal guarantor of M/s Shreedhar Milk foods Limited, seeking to initiate the Insolvency Resolution Process. The application was filed with the National Company Law Tribunal, New Delhi Bench. Punjab National Bank & Ors. is the financial creditor. The applicant proposed Mr. Gaurav Rohilla as the Resolution Professional. The Adjudicating Authority observed that the application had been served to the Financial Creditor and the Corporate Debtor. The Supreme Court's judgment in Dilip B Jiwrajka Vs. Union of India & Ors. was considered regarding the constitutional validity of Sections 95-100 of the IBC.

## Issues and analysis

### Issue 1: Whether the application filed by the personal guarantor under Section 94(1) of the Insolvency and …

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

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**Reasoning:** The Adjudicating Authority considered the application and the fact that it was served to

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

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**Application:** The application was filed by Shyam Goel, a personal guarantor, under Section

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** Shyam…
- **Respondents:** M/s Shreedhar…; Punjab National…
- **Advocates:** Navneet T…; Aditya…; +1 more

## Timeline

- **2024-02-13 — Order Del…**: Order delivered by the National…
- **2024-04-09 — Matter L…**: The matter is listed for the perusal of the…

## 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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