# In the matter of State Bank of India Vs. B Raajarajan, CP/IB/55(CHE)/2022

> NCLT judgment dated 2022-06-29. Citation: TCN-2022-NCLT-01988. The case pertains to an application filed by State Bank of India under Section 95 of the…

- **Court:** NCLT
- **Order date:** 29 Jun 2022
- **Citation:** TCN-2022-NCLT-01988
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-b-raajarajan-cpib55-25f616d7

## Summary

### Background

The case pertains to an application filed by State Bank of India under Section 95 of the Insolvency and Bankruptcy Code, 2016, against the personal guarantor, Mr. B. Raajarajan, of Gold King Tex India Private Limited and G B Raja Top Weaving (P) Limited, which are under liquidation. The application seeks to initiate insolvency resolution process against the personal guarantor. The Corporate Insolvency Resolution Process (CIRP) had already commenced for the corporate debtors, and liquidation orders were also passed.

## Facts

State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. B. Raajarajan, the personal guarantor of Gold King Tex India Private Limited and G B Raja Top Weaving (P) Limited. Both companies are under liquidation. The CIRP for Gold King Tex India Private Limited commenced on 25.01.2019, and liquidation was ordered on 03.09.2019. For G B Raja Top Weaving Private Limited, CIRP commenced on 15.03.2019, and liquidation was ordered on 29.08.2019. A demand notice was issued to the personal guarantor on 17.11.2021, as per Rule 7(1) of the Insolvency and Bankruptcy Rules, 2019. The date of default is mentioned as 17.04.2016. The NCLT sent a notice to the respondent on 23.03.2022, which was delivered on 31.03.2022. The

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## Issues and analysis

### Issue 1: Whether the application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** Section 95(1) of the Insolvency and Bankruptcy Code, 2016, allows a creditor to file an

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**Reasoning:** The court considered the provisions of Section 95(1) of the IBC, 2016, which allows for

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**Interpretation:** Section 95(1) provides a legal avenue for creditors to recover debts from

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**Application:** The application was filed by State Bank of India against Mr. B. Raajarajan, who

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## Parties

- **Judges:** (Retd.) S.…; SAMEER…
- **Appellants:** State Bank of…
- **Respondents:** Gold King Tex…; Mr.B.RAAJ…

## Timeline

- **2016-04-17 — Date of D…**: The date of default as…
- **2019-01-25 — CIRP Commencement for Gold King Tex India…**: Order passed for Commencement of CIRP of the Corporate Debtor by this Tribunal in…

## 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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