# In the matter of State Bank of India Vs. Manish Jain, CP (IB)- 493(PB)/2022

> NCLT judgment dated 2022-08-10. Citation: TCN-2022-NCLT-01411. 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-01411
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-manish-jain-cp-f806d578

## 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, Manish Jain. A limited notice was issued on August 4, 2021. The respondent appeared through their counsel, Ms. Heena, who had no objection to the appointment of a Resolution Professional (RP).

## Facts

The State Bank of India initiated insolvency proceedings against Manish Jain, the Personal Guarantor, under Section 95 of the IBC, 2016. A limited notice was issued on August 4, 2021. The respondent, Manish Jain, appeared through counsel, who did not object to the appointment of a Resolution Professional. Mr. Yogender Pal Singhal was appointed as the Resolution Professional for the Corporate Debtor, based on Section 97 of the IBC. The RP is required to file a report under Section 99 of the IBC within 10 days. The matter is listed for further consideration on September 5, 2022. The written consent of the RP and an affidavit stating no disciplinary proceedings are pending are available with the application.

## Issues and analysis

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

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

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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 provides a mechanism for creditors to pursue insolvency proceedings

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**Application:** The State Bank of India, as a creditor, utilized Section 95 to initiate

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## Parties

- **Judges:** Ramalingam…; SH. AVINASH KUMAR…
- **Appellants:** State Bank of…
- **Respondents:** MANISH…

## Timeline

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

## 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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