# In the matter of State Bank of India vs. Ch. Ravindra Babu

> NCLT judgment dated 2023-07-06. Citation: TCN-2023-NCLT-02642. The Financial Creditor filed an application for the Resolution Professional to close the…

- **Court:** NCLT
- **Order date:** 6 Jul 2023
- **Citation:** TCN-2023-NCLT-02642
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-ch-ravindra-babu-e4ad056f

## Summary

### Background

The Financial Creditor filed an application for the Resolution Professional to close the proceedings in CP 101/95/HDB/2022 and to grant leave to file a Petition to declare the Personal Guarantor as bankrupt. The Tribunal order dated 09.01.2023 in IA 1583/2022 had recorded that despite giving sufficient opportunity to the Personal Guarantor to submit the Repayment Plan, the Personal Guarantor failed to submit any repayment plan.

## Facts

The Financial Creditor filed an application (IA (IBC) 1082/2023) in CP (IB) No. 101/95/HDB/2022 seeking closure of proceedings and leave to declare the Personal Guarantor as bankrupt. The Tribunal had previously noted on 09.01.2023 in IA 1583/2022 that the Personal Guarantor failed to submit a repayment plan despite being given sufficient opportunity. The Resolution Professional confirmed that no repayment plan was received. The Financial Creditor requested to initiate proceedings against the Personal Guarantor by declaring him bankrupt.

## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor for closure of proceedings and to declare …

**Ratio:** The court has the power to allow the application based on the facts and circumstances of

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**Reasoning:** The court considered the facts and circumstances of the case, including the Personal

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**Interpretation:** The court interpreted the relevant provisions of the IBC, 2016, specifically

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**Application:** Based on the Personal Guarantor's failure to submit a repayment plan, the court

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** State Bank of…
- **Respondents:** Ch. Ravindra Babu…

## Timeline

- **2023-01-09 — Tribunal Order in IA…**: The Tribunal recorded that despite giving sufficient opportunity to the Personal…
- **2023-07-06 — Hearing…**: Hearing held on the application…

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