# 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-02544. 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-02544
- **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-efa161c2

## 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 financial creditor had served notice to the personal guarantor before filing the application. The RP provided opportunity to the personal guarantor, but no repayment plan was submitted.

## 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, despite the RP providing an opportunity. The financial creditor had served notice to the personal guarantor before filing the application. The court noted the absence of a repayment plan and the prior notice served to the guarantor.

## Issues and analysis

### Issue 1: Whether the application should be admitted given the absence of a repayment plan from the personal …

**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 despite providing an opportunity, the personal guarantor did not

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**Interpretation:** The court interpreted the relevant sections of the IBC to mean that a repayment

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**Application:** The court applied this principle to the specific facts, noting that the

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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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