# In the matter of State Bank of India vs. Ansuyaben Mansukhlal Chaniyara

> NCLT judgment dated 2024-03-07. Citation: TCN-2024-NCLT-02161. State Bank of India (Financial Creditor) filed an application under Section 95 of the…

- **Court:** NCLT
- **Order date:** 7 Mar 2024
- **Citation:** TCN-2024-NCLT-02161
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-ansuyaben-mansukhlal-chaniyara-d49c9af7

## Summary

### Background

State Bank of India (Financial Creditor) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process against Mrs. Ansuyaben Mansukhlal Chaniyara, the Personal Guarantor of the Corporate Debtor, M/s. Yogiraj Ginning and Oil Industries Pvt. Ltd., for default of Rs.24,41,53,898.12. Credit facilities were sanctioned to the Corporate Debtor as per a letter of arrangement dated 07.01.2012 and were renewed periodically. The Respondent executed a personal guarantee in favor of the applicant for securing these credit facilities. The Corporate Debtor defaulted, leading to its account becoming an NPA on 27.09.2018. The applicant issued a notice on 14.06.2019 under Section 13(2) of the SARFAESI Act. An

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## Facts

State Bank of India filed an application under Section 95 of the IBC, seeking to initiate the Insolvency Resolution Process against Mrs. Ansuyaben Mansukhlal Chaniyara, the personal guarantor of M/s. Yogiraj Ginning and Oil Industries Pvt. Ltd., for a default of Rs.24,41,53,898.12. Credit facilities were sanctioned to the Corporate Debtor from 07.01.2012 and renewed periodically. The Respondent executed personal guarantees in favor of the applicant. The Corporate Debtor's account became an NPA on 27.09.2018. A notice under Section 13(2) of the SARFAESI Act was issued on 14.06.2019. The date of default was recorded as 30.06.2018 in the Information Utility (IU) record. The application was filed on 28.01.2023. The respondent disputed the service of notice and the

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## Issues and analysis

### Issue 1: Whether the application …

**Ratio:** The limitation period for initiating insolvency proceedings against a personal guarantor

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**Reasoning:** The court considered different dates of default presented by the applicant, including

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**Interpretation:** The court interpreted the relevant provisions of the IBC and the Supreme

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**Application:** The court applied the legal principles to the facts of the case, considering

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** State Bank of…
- **Respondents:** Yogiraj Ginning…; Ansuyaben…

## Timeline

- **2012-01-07 — Letter of Arr…**: Credit facilities were sanctioned to the…
- **2018-09-27 — Account Decla…**: The Corporate Debtor's credit facility…

## 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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