# In the matter of Shyamsunder Nandkishore Gupta

> NCLT judgment dated 2024-01-08. Citation: TCN-2024-NCLT-03254. The case pertains to an application filed under Section 94 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 8 Jan 2024
- **Citation:** TCN-2024-NCLT-03254
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shyamsunder-nandkishore-gupta-b8eb10c5

## Summary

### Background

The case pertains to an application filed under Section 94 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The applicant, Shyamsunder Nandkishore Gupta, is the Personal Guarantor to Gupta Synthetic Limited, the Corporate Debtor. The application seeks to initiate Insolvency Resolution Process against the Personal Guarantor.

## Facts

Shyamsunder Nandkishore Gupta, the Personal Guarantor/Petitioner, filed a petition under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process against himself. He is the personal guarantor to Gupta Synthetic Limited, the Corporate Debtor. The Personal Guarantor had given a guarantee on 27.03.2008 in favour of the Corporate Debtor, Gupta Synthetic Limited, to secure repayment of credit facilities extended by Kotak Mahindra Bank. The Corporate Debtor defaulted in repayment and was admitted into CIRP on 17.09.2019. An order for liquidation of the Corporate Debtor was passed on 14.07.2020. Kotak Mahindra Bank had obtained a Recovery Certificate No. 40 of 2021 dated 27.11.2020 from the Debt Recovery Tribunal (DRT) and

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## Issues and analysis

### Issue 1: Whether the application filed by the Personal Guarantor under Section 94 of the Insolvency and …

**Ratio:** Section 94 of the Insolvency and Bankruptcy Code, 2016 allows a debtor to initiate

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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 the IBC provides a mechanism for individuals, including personal

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**Application:** The Personal Guarantor, being the guarantor to the Corporate Debtor, filed the

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Shyamsunder…
- **Respondents:** Gupta Synthetics…

## Timeline

- **2008-03-27 — Guarantee…**: The Personal Guarantor gave a guarantee in favour of the Corporate Debtor, Gupta…
- **2019-09-17 — CIRP Admi…**: The Corporate Debtor…

## 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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