# In the matter of Srinivas Dande, CP (IB) No.183/BB/2022

> NCLT judgment dated 2022-11-14. Citation: TCN-2022-NCLT-00465. The case involves a Company Petition filed by Mr. Srinivas Dande under Section 94(1) of the…

- **Court:** NCLT
- **Order date:** 14 Nov 2022
- **Citation:** TCN-2022-NCLT-00465
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srinivas-dande-cp-ib-no183bb2022-144e57b7

## Summary

### Background

The case involves a Company Petition filed by Mr. Srinivas Dande under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process for Personal Guarantors to Corporate Debtors. Mr. Dande is the personal guarantor for loans availed by the Corporate Debtor, M/s. Coursecube Private Limited. The petition was filed due to the default committed by the Corporate Debtor.

## Facts

Mr. Srinivas Dande filed a Company Petition under Section 94(1) of the I&B Code, 2016, seeking to initiate the Insolvency Resolution Process as a personal guarantor to the Corporate Debtor, M/s. Coursecube Private Limited. The Corporate Debtor defaulted on a debt of Rs.2,72,40,715/-. HDB Financial Services issued Loan Recall and Invocation under Loan Agreement dated 2022-07-21. Vijaya Bank (now Bank of Baroda) issued notices dated 2021-04-09 under Section 13 of the SARFAESI Act, 2002. Sushma Ramanna filed CP (IB) No. 66/BB/2021 under Section 9 of the IBC, 2016, seeking to initiate CIRP against M/s. Coursecube Private Limited, which was admitted on 2022-02-01. The court clarified that the Interim Moratorium commenced on 2022-09-19, the date of filing the

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## Issues and analysis

### Issue 1: Whether the application filed by Mr. Srinivas Dande, the personal guarantor, under Section 94(1) of …

**Ratio:** Section 94(1) of the I&B Code, 2016, allows a debtor to apply for initiating an

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**Reasoning:** The court considered the fact that Mr. Srinivas Dande is a personal guarantor to the

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**Interpretation:** Section 94(1) provides a mechanism for personal guarantors to initiate

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**Application:** The court applied Section 94(1) and the rules to the facts of the case, finding

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## Parties

- **Judges:** SH. KISHORE…; SH. MANOJ KUMAR…
- **Appellants:** Srinivas…
- **Respondents:** M/s. Coursecube…; M/S HDB FINANCIAL…

## Timeline

- **2021-04-09 — Loan Recall…**: Vijaya Bank (now Bank of Baroda) issued notices under Section 13 of the SARFAESI Act,…
- **2022-02-01 — CIRP Admi…**: The Adjudicating Authority admitted the CP filed by Sushma Ramanna against M/s.…

## 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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