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

> NCLT judgment dated 2023-11-20. Citation: TCN-2023-NCLT-00718. The Resolution Professional (RP) filed an application seeking leave to proceed against the…

- **Court:** NCLT
- **Order date:** 20 Nov 2023
- **Citation:** TCN-2023-NCLT-00718
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-manoj-kumar-agarwal-1106b1c4

## 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 Resolution Professional (RP) filed an application seeking leave to proceed against the personal guarantor under Section 121 of the IBC. The personal guarantor did not come forward with any repayment plan despite sufficient opportunity. The RP submitted that the personal guarantor had no objection to the initiation of proceedings under Section 121 of the IBC, according to the minutes of the Committee of Creditors (CoC). The records were reviewed, and no repayment plan was submitted by the RP despite the opportunity.

## Issues and analysis

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

**Ratio:** Section 121 of the IBC allows for proceedings against a personal guarantor when certain

…

**Reasoning:** The court reasoned that since the personal guarantor did not submit a repayment plan

…

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

…

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

…

## Parties

- **Judges:** Venkata Ramakrishn…; Sanjay…
- **Appellants:** State Bank of…
- **Respondents:** Manoj Kumar…

## Timeline

- **2023-11-20 — Hearing…**: Attendance cum order sheet of…

## Legal provisions

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-manoj-kumar-agarwal-1106b1c4