# In the matter of State Bank of India Vs. Kamla Jain, CP (IB)-496(PB)/2022

> NCLT judgment dated 2022-08-10. Citation: TCN-2022-NCLT-01402. The State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 10 Aug 2022
- **Citation:** TCN-2022-NCLT-01402
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-kamla-jain-cp-8fedbb41

## Summary

### Background

The State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate insolvency proceedings against the Personal Guarantor, Mrs. Kamla Jain. The application was filed before the National Company Law Tribunal (NCLT), New Delhi.

## Facts

The State Bank of India filed an application under Section 95 of the IBC, 2016, to initiate insolvency proceedings against Mrs. Kamla Jain, the Personal Guarantor. A limited notice was issued on August 4, 2021. Mrs. Jain appeared through her counsel, who stated that she had no objection to the appointment of a Resolution Professional. Mr. Yogender Pal Singhal, with registration number IBBI/IPA-001/IP-P00492/2017-18/10880, was appointed as the Resolution Professional (RP) for the Corporate Debtor. The RP's written consent and an affidavit stating no disciplinary proceedings are pending against him were available with the application. The RP is directed to file a report in terms of Section 99 of the IBC within 10 days of the order. The matter is listed for further

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## Issues and analysis

### Issue 1: Whether the application filed by the State Bank of India under Section 95 of the IBC, 2016, for …

**Ratio:** Section 95 of the IBC, 2016 allows a creditor to initiate insolvency proceedings against

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**Reasoning:** The court considered the application filed by the State Bank of India under Section 95 of

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**Interpretation:** Section 95 of the IBC provides a mechanism for creditors to pursue insolvency

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**Application:** The State Bank of India, as a creditor, filed an application under Section 95

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## Parties

- **Judges:** Ramalingam…; SH. AVINASH KUMAR…
- **Appellants:** State Bank of…
- **Respondents:** Kamla…
- **Advocates:** Prateek…; Raveena…; +4 more

## Timeline

- **2021-08-04 — Limited Notic…**: Limited notice was…
- **2022-08-10 — Order Del…**: The order was delivered…

## 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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