# In the matter of State Bank of India vs. Devendrasinh Ranjitsinh Jadeja

> NCLT judgment dated 2024-03-07. Citation: TCN-2024-NCLT-02151. 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-02151
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-devendrasinh-ranjitsinh-jadeja-1c3a8522

## 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 Mr. Devendrasinh Ranjitsinh Jadeja, the Personal Guarantor of the Corporate Debtor namely M/s. Yogiraj Ginning and Oil Industries Pvt Ltd. for default of an amount of Rs.24,41,53,898.12/-. Credit facilities were sanctioned to the Corporate Debtor as per letter of arrangement dated 07.01.2012 and renewed periodically. The Respondent executed personal guarantee in favour of the applicant for securing various credit facilities to Corporate Debtor. The Corporate Debtor defaulted, and its account became NPA on 27.09.2018. The applicant issued notice on 14.06.2019 under Section 13(2) of the

…

## Facts

State Bank of India filed an application under Section 95 of the IBC to initiate the Insolvency Resolution Process against Devendrasinh Ranjitsinh Jadeja, the personal guarantor for Yogiraj Ginning and Oil Industries Pvt Ltd, due to 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 a personal guarantee. The Corporate Debtor's account became an NPA on 27.09.2018. A notice was issued under Section 13(2) of the SARFAESI Act on 14.06.2019. An application under Section 7 of IBC against the corporate debtor was admitted, and liquidation is pending. The debt was allegedly due on 25.10.2019, with the default occurring on 24.12.2019. The applicant claimed a revival letter

…

## Issues and analysis

### Issue 1: Whether the application filed by the State Bank of India is within the period of limitation as …

**Ratio:** The principle of limitation dictates that legal proceedings must be initiated within a

…

**Reasoning:** The Tribunal observed inconsistencies in the applicant's submissions regarding the date

…

**Interpretation:** The interpretation of limitation laws requires a strict adherence to the

…

**Application:** The Tribunal found that the application was not filed within the period of

…

## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** State Bank of…
- **Respondents:** Yogiraj Ginning…; Devendrasinh…
- **Advocates:** Biju…; Saurabh R…

## Timeline

- **2012-01-07 — Credit Facilities…**: 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)

---

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-devendrasinh-ranjitsinh-jadeja-1c3a8522