# In the matter of State Bank of India Vs. Deepak Goyal, CP (IB)/489/ND/2022

> NCLT judgment dated 2022-09-28. Citation: TCN-2022-NCLT-00907. This is an application filed by the State Bank of India through Resolution Professional Mr.…

- **Court:** NCLT
- **Order date:** 28 Sept 2022
- **Citation:** TCN-2022-NCLT-00907
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-deepak-goyal-cp-18b41ec2

## Summary

### Background

This is an application filed by the State Bank of India through Resolution Professional Mr. Vijender Sharma under Section 95(1) of IBC, 2016, against Mr. Deepak Goyal. The applicant submits that the Respondent/Personal Guarantor has been served with the notice and appeared on the last date. The demand notice has been properly served to the Personal Guarantor, and the guarantee was invoked vide letter dated 15.03.2019. The bank also issued a demand notice dated 29.07.2019.

## Facts

State Bank of India, through Resolution Professional Mr. Vijender Sharma, filed an application against Mr. Deepak Goyal under Section 95(1) of the IBC, 2016. Mr. Deepak Goyal is the Personal Guarantor. The applicant claims that the respondent/personal guarantor was served with the demand notice and appeared on the last date. The guarantee was invoked vide letter dated 15.03.2019, and the bank issued a demand notice dated 29.07.2019. Upon filing the application, an interim moratorium commences as stipulated under Section 96(1)(a) in relation to all debts of the Personal Guarantor. Mr. Vijender Sharma was appointed as the Resolution Professional.

## Issues and analysis

### Issue 1: Whether the application filed by the State Bank of India through Resolution Professional Mr. …

**Ratio:** Section 95(1) of the IBC, 2016 allows a creditor to file an application for initiating

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**Reasoning:** The court considered the submission of the applicant's counsel that the

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**Interpretation:** Section 95(1) provides the legal basis for a creditor to initiate insolvency

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**Application:** The application was filed by the State Bank of India through its Resolution

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## Parties

- **Judges:** SHRI. BACHU…; Shri. L. N.…
- **Appellants:** State Bank of…
- **Respondents:** Deepak…

## Timeline

- **2019-03-15 — Guarantee I…**: The guarantee was invoked…
- **2019-07-29 — Demand Notice…**: The bank issued a demand…

## 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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