# In the matter of State Bank Of India Through Rajendra Kumar Jain vs. 
Arcot Chelvaraj Dinesh

> NCLT judgment dated 2024-02-22. Citation: TCN-2024-NCLT-02490. State Bank of India filed a Company Petition under Section 95(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 22 Feb 2024
- **Citation:** TCN-2024-NCLT-02490
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-through-rajendra-kumar-jain-vs-arcot-chelvaraj-dinesh-101d58f6

## Summary

### Background

State Bank of India filed a Company Petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantor to Corporate Debtors) Rules, 2019, seeking to initiate Personal Insolvency Resolution Process against Mr. Arcot Chelvaraj Dinesh, the Personal Guarantor. The Demand Notice dated 09.03.2023 was successfully delivered to the Personal Guarantor of the Corporate Debtor, and the petition was served upon the Personal Guarantor at their last known correct address.

## Facts

State Bank of India, the Financial Creditor, filed a Company Petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate the Personal Insolvency Resolution Process against Mr. Arcot Chelvaraj Dinesh, the Personal Guarantor. The petition was filed under Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantor to Corporate Debtors) Rules, 2019. The Demand Notice dated 09.03.2023 was successfully delivered to the Personal Guarantor of the Corporate Debtor, and the petition was served upon the Personal Guarantor at their last known correct address. The court found the petition complete and appointed Mr. Rajendra Kumar Jain as the Insolvency Resolution

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## Issues and analysis

### Issue 1: Whether the application for initiating Personal Insolvency Resolution Process against Mr. Arcot …

**Ratio:** Section 95(1) of the IBC allows a creditor to apply for initiating an insolvency

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**Reasoning:** The court determined that the application filed by State Bank of India was complete in

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**Interpretation:** The court interpreted Section 95(1) of the IBC and Rule 7(2) of the relevant

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**Application:** Based on the facts presented, the court found that the application met the

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** State Bank Of…
- **Respondents:** Arcot Chelvaraj…

## Timeline

- **2024-02-22 — Hearing…**: Order sheet of the…
- **2023-03-09 — Demand Notice…**: Demand Notice dated 09.03.2023 was successfully delivered to the Personal Guarantor of…

## 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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