# In the matter of State Bank of India vs. Ajit Kumar

> NCLT judgment dated 2023-08-17. Citation: TCN-2023-NCLT-02016. The case involves an Interlocutory Application (IA 2572/2023) in a Company Petition (C.P.…

- **Court:** NCLT
- **Order date:** 17 Aug 2023
- **Citation:** TCN-2023-NCLT-02016
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-ajit-kumar-a8cfef87

## Summary

### Background

The case involves an Interlocutory Application (IA 2572/2023) in a Company Petition (C.P. (IB)/452(MB)2022) filed by one of the creditors to expedite the hearing of the main Company Petition. The main Company Petition is already listed. The Company Petition was filed by State Bank of India (through Resolution Professional - Mr. Ajit Kumar) for initiating Corporate Insolvency Resolution Process against Mr. Saranga A. Aggarwal, the Personal Guarantor of the Corporate Debtor. Notice sent to the Respondent/Personal Guarantor was returned with an endorsement, “Addressee Left”. The petitioner invited the attention of the bench to the Guarantee Agreement dt. 18.02.2012, executed by the Personal Guarantor on behalf of the Principal Borrower and Demand Notice dt. 11.10.2021,

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## Facts

State Bank of India filed a Company Petition for initiating Corporate Insolvency Resolution Process against Mr. Saranga A. Aggarwal, who is the Personal Guarantor of the Corporate Debtor. The petition was filed through Resolution Professional Mr. Ajit Kumar. A Guarantee Agreement dated 18.02.2012 was executed by the Personal Guarantor on behalf of the Principal Borrower. A Demand Notice dated 11.10.2021 was issued invoking the Guarantee in respect of unpaid debt in default due from A A Estates Pvt Ltd. Notice was served to the Respondent/Personal Guarantor via email on 18.01.2022. Mr. Ajit Kumar has given his written consent to act as Resolution Professional.

## Issues and analysis

### Issue 1: Whether the Interlocutory …

**Ratio:** The court has the power to dispose of interlocutory applications based on the

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**Reasoning:** The court considered that the main Company Petition was already listed on the board,

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**Interpretation:** Interlocutory applications are procedural tools used to manage the progress of

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**Application:** The court disposed of IA 2572/2023 because the main Company Petition was

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## Parties

- **Judges:** Anu Jagmoha…; H.V. Subb…
- **Appellants:** State Bank of…
- **Respondents:** Saranga A.…
- **Advocates:** Ruchita…; Supriya Ma…

## Timeline

- **2012-02-18 — Guarantee Agree…**: Guarantee Agreement executed…
- **2021-10-11 — Demand Noti…**: Demand Notice issued…

## 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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