# In the matter of State Bank of India vs. Anurag P. Gupta

> NCLT judgment dated 2024-10-25. Citation: TCN-2024-NCLT-00348. State Bank of India, acting through its Resolution Professional Mr. Purusottam Behera, filed a…

- **Court:** NCLT
- **Order date:** 25 Oct 2024
- **Citation:** TCN-2024-NCLT-00348
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-anurag-p-gupta-8eed0f7b

## Summary

### Background

State Bank of India, acting through its Resolution Professional Mr. Purusottam Behera, filed a company petition for the initiation of Insolvency Resolution Process against Mr. Anurag P. Gupta, who is the Respondent and Personal Guarantor of the Corporate Debtor. The petitioner's counsel drew the bench's attention to the Demand Notice dated 19.07.2021, which invoked the guarantee against the respondent, and also to the proof of delivery of the Demand Notice. The deed of Guarantee dated 24.03.2015, executed by the Personal Guarantor of the Corporate Debtor, was also brought to the court's attention.

## Facts

State Bank of India (SBI), as the creditor, initiated an Insolvency Resolution Process against Mr. Anurag P. Gupta, the Respondent and Personal Guarantor of the Corporate Debtor, through its Resolution Professional, Mr. Purusottam Behera. A Demand Notice dated 19.07.2021 was issued invoking the guarantee against Mr. Gupta. The petitioner presented proof of delivery of the Demand Notice and the Guarantee deed dated 24.03.2015, executed by Mr. Gupta as the Personal Guarantor. The court considered these documents and submissions before appointing Mr. Purusottam Behera as the Resolution Professional.

## Issues and analysis

### Issue 1: Whether the petition filed by State Bank of India for initiation of Insolvency Resolution Process …

**Ratio:** The maintainability of the petition depends on whether the requirements of Section 95(1)

…

**Reasoning:** The court considered the Demand Notice dated 19.07.2021 and the Guarantee deed dated

…

**Interpretation:** Section 95(1) allows a creditor to initiate insolvency resolution against a

…

**Application:** The court applied the principles of Section 95(1) to the facts presented,

…

## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** State Bank of…
- **Respondents:** Anurag P.…

## Timeline

- **2015-03-24 — Execution of Guarantee…**: The deed of Guarantee was executed by the…
- **2021-07-19 — Demand Noti…**: A Demand Notice was issued invoking the…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-anurag-p-gupta-8eed0f7b