# In the matter of Siri Kishan Aggarwal

> NCLT judgment dated 2024-06-07. Citation: TCN-2024-NCLT-01204. The present petition, CP (IB) No. 403/ND/2023, was filed under Section 94(1) of the Insolvency…

- **Court:** NCLT
- **Order date:** 7 Jun 2024
- **Citation:** TCN-2024-NCLT-01204
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/siri-kishan-aggarwal-f01c6ad8

## Summary

### Background

The present petition, CP (IB) No. 403/ND/2023, was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution process for Personal Guarantors to Corporate Debtor) Rules, 2019, and regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, by Mr. Siri Kishan Aggarwal, the Personal Guarantor/Applicant. The application seeks initiation of the Insolvency Resolution Process against the applicant himself.

## Facts

Mr. Siri Kishan Aggarwal, acting as a Personal Guarantor/Applicant, filed CP (IB) No. 403/ND/2023 under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against himself. The application was filed in accordance with the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution process for Personal Guarantors to Corporate Debtor) Rules, 2019, and IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. The application was related to Ambica Timber Trade Private Limited, the Corporate Debtor in Liquidation. A copy of the application was served to the Financial Creditor, Union Bank of India. Mr. Manish Santosh Buchasia was proposed as

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## 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 court considered the application filed by the Personal Guarantor under Section 94(1)

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**Interpretation:** Section 94(1) provides a mechanism for individuals, including personal

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**Application:** The application by Mr. Siri Kishan Aggarwal, as a personal guarantor, falls

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** Siri Kishan…
- **Respondents:** Ambica Timber…

## Timeline

- **2024-01-04 — Order Da…**: Order issued regarding Authorization for…
- **2024-06-07 — Order Del…**: Order delivered by the NCLT…

## 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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