# In the matter of State Bank Ltd Vs. Pravinbhai Chhaganbhai Patel, CP (IB)/83(AHM)/2022

> NCLT judgment dated 2022-03-28. Citation: TCN-2022-NCLT-03511. The application is filed under Section 95 of the Code seeking initiation of Insolvency…

- **Court:** NCLT
- **Order date:** 28 Mar 2022
- **Citation:** TCN-2022-NCLT-03511
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-ltd-vs-pravinbhai-chhaganbhai-patel-cp-8e14c193

## Summary

### Background

The application is filed under Section 95 of the Code seeking initiation of Insolvency Resolution Process against the personal guarantor of the Corporate Debtor, M/s. Regent Granito (India) Ltd.

## Facts

An application has been filed under Section 95 of the Insolvency and Bankruptcy Code (IBC) to initiate the Insolvency Resolution Process against the personal guarantor of the Corporate Debtor, M/s. Regent Granito (India) Ltd. The applicant is State Bank of India, and the respondent is Pravinbhai Chhaganbhai Patel. The court has issued a notice to the respondent and directed the applicant to serve the notice and file an affidavit of service within two weeks. An interim moratorium under Section 96 of the Code shall commence from the date of application. The Resolution Professional (RP), Shri Vinod Tarachand Agrawal, is directed to file a report within ten days. The matter is listed for further hearing on 06.06.2022.

## Issues and analysis

### Issue 1: Whether the application under Section 95 of the IBC for initiating the Insolvency Resolution …

**Ratio:** Section 95 of the IBC allows for the initiation of the Insolvency Resolution Process

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**Reasoning:** The court considered the application filed under Section 95 of the IBC, which provides a

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**Interpretation:** Section 95 of the IBC is interpreted to allow creditors to pursue insolvency

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**Application:** The application was filed under Section 95, indicating that the applicant seeks

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** State Bank of…
- **Respondents:** Regent Granito…; Pravinbhai…
- **Advocates:** Pranav G.…

## Timeline

- **2022-03-28 — Order Del…**: The order was delivered…
- **2022-06-06 — Matter L…**: The matter is listed for…

## Legal provisions

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

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