# In the matter of State Bank of India vs. Karan U Jethwani & Meena jewellwers Pvt. Ltd. & 2 others

> NCLT judgment dated 2023-07-13. Citation: TCN-2023-NCLT-02541. The case pertains to IA (IBC) 959/2023 in CP(IB) No.448/95/HDB/2020 under Section 95 of the…

- **Court:** NCLT
- **Order date:** 13 Jul 2023
- **Citation:** TCN-2023-NCLT-02541
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-karan-u-jethwani-meena-jewellwers-pvt-ltd-2-others-62a2189f

## Summary

### Background

The case pertains to IA (IBC) 959/2023 in CP(IB) No.448/95/HDB/2020 under Section 95 of the IBC, 2016. The RP filed an application stating that he has not received any repayment plan from the guarantor. The court noted that the personal guarantor was given an opportunity to submit a repayment plan, but no plan was submitted. The financial creditor had served notice to the personal guarantor before filing the application.

## Facts

State Bank of India filed an application against Karan U Jethwani & Meena Jewellers Pvt Ltd & 2 others. The Resolution Professional (RP) stated that no repayment plan was received from the personal guarantor. The RP's report indicated that the personal guarantor was given an opportunity to submit a plan but failed to do so. Prior to filing the application, the financial creditor served notice to the personal guarantor. The court considered these circumstances when admitting the application.

## Issues and analysis

### Issue 1: Whether the application under Section 100 of the I&B Code, 2016 should be admitted given the …

**Ratio:** The resolution of insolvency of the personal guarantor is not possible in the absence of

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**Reasoning:** The court reasoned that the personal guarantor was given an opportunity to submit a

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**Interpretation:** Section 100 of the I&B Code allows for the admission of an application when

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**Application:** The court applied the ratio to the facts by noting that the personal guarantor

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** State Bank of…
- **Respondents:** Karan U Je…

## Timeline

- **2023-07-13 — Hearing…**: Attendance cum order sheet of the…

## 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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