# In the matter of State Bank of India vs. Manoj Kumar Agarwal

> NCLT judgment dated 2023-11-20. Citation: TCN-2023-NCLT-00707. The Resolution Professional (RP) filed an application seeking leave to proceed against the…

- **Court:** NCLT
- **Order date:** 20 Nov 2023
- **Citation:** TCN-2023-NCLT-00707
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-manoj-kumar-agarwal-0440e0f2

## Summary

### Background

The Resolution Professional (RP) filed an application seeking leave to proceed against the personal guarantor under Section 121 of the Insolvency and Bankruptcy Code (IBC). The basis for the application is that the personal guarantor did not propose a repayment plan despite being given sufficient opportunity. The RP also submitted that, according to the Committee of Creditors (CoC) minutes, the personal guarantor had stated no objection to initiating proceedings under Section 121 of the IBC.

## Facts

The State Bank of India (Stressed Assets Management Branch) is the petitioner in this case. Mr. Manoj Kumar Agarwal (G S Oils Limited) is the respondent. The Resolution Professional (RP) filed an application (IA (IBC) 1763/2023) seeking leave to proceed against the personal guarantor under Section 121 of the Insolvency and Bankruptcy Code (IBC). The personal guarantor did not submit any repayment plan despite being given sufficient opportunity. The RP submitted that the personal guarantor had no objection to the initiation of proceedings under Section 121 of the IBC, as per the minutes of the Committee of Creditors (CoC). The court noted the absence of a repayment plan and allowed the petitioner's prayer, granting leave to initiate proceedings under Section 121 of the

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## Issues and analysis

### Issue 1: Whether the Resolution Professional (RP) should be granted leave to proceed against the personal …

**Ratio:** Section 121 of the Insolvency and Bankruptcy Code (IBC) allows for proceedings against a

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**Reasoning:** The court reasoned that the personal guarantor failed to submit a repayment plan despite

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**Interpretation:** Section 121 of the IBC is interpreted to allow proceedings against a personal

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**Application:** The ratio and reasoning are applied to the facts of the case, where the

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. SANJA…
- **Appellants:** State Bank of…
- **Respondents:** Manoj Kumar…
- **Advocates:** Mummaneni Vazra…

## Timeline

- **2023-11-20 — Hearing…**: The hearing was held on…
- **2023-01-01 — IA (IBC) 1763/2…**: IA (IBC) 1763/2023 was filed by the RP seeking leave to proceed against the personal…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 121 — Application for bankruptcy](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-121)

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