# In the matter of SIDBI vs. Anny Johnson

> NCLT judgment dated 2024-02-16. Citation: TCN-2024-NCLT-02556. The case involves an application filed by Small Industries Development Bank of India (SIDBI)…

- **Court:** NCLT
- **Order date:** 16 Feb 2024
- **Citation:** TCN-2024-NCLT-02556
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sidbi-vs-anny-johnson-99b03858

## Summary

### Background

The case involves an application filed by Small Industries Development Bank of India (SIDBI) under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against the personal guarantor, Smt. Anny Johnson, of M/s. St John Freight systems Limited. CIRP was initiated against the Corporate Debtor vide an order dated 10.12.2018.

## Facts

Small Industries Development Bank of India (SIDBI) filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Smt. Anny Johnson, the personal guarantor of M/s. St John Freight systems Limited. The Corporate Debtor, M/s. St John Freight systems Limited, had taken credit facilities from SIDBI. Smt. Anny Johnson had given a personal guarantee for the loan. The Corporate Debtor defaulted on the debt, leading SIDBI to initiate CIRP against the Corporate Debtor. The CIRP against the Corporate Debtor was initiated vide an order dated 10.12.2018. The outstanding debt and default amount are both Rs. 16,36,01,727/-, with the date of default being 09.06.2015. The Corporate Debtor is under liquidation

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## Issues and analysis

### Issue 1: Whether the application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, for …

**Ratio:** Section 95 of the IBC allows a creditor to apply for initiating an Insolvency Resolution

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**Reasoning:** The court considered the averments made in the application and the documents placed on

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**Interpretation:** The court interpreted Section 95 of the IBC to mean that a creditor can

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**Application:** In this case, SIDBI, as the creditor, filed an application under Section 95(1)

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## Parties

- **Judges:** Shri. JYOTI KUMAR…; SHRI. RAVICHANDRAN…
- **Appellants:** Small Industries…
- **Respondents:** M/s. St. John…; Smt ANNY J…

## Timeline

- **2015-06-09 — Date of D…**: The Corporate Debtor defaulted on…
- **2018-12-10 — CIRP Init…**: CIRP was initiated against the Corporate…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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