# In the matter of State Bank of India Vs. Mr. R C K Vallal, CP (IB)/20/CHE/2022

> NCLT judgment dated 2022-03-24. Citation: TCN-2022-NCLT-03548. The case pertains to an application filed by State Bank of India under Section 95(1) of the…

- **Court:** NCLT
- **Order date:** 24 Mar 2022
- **Citation:** TCN-2022-NCLT-03548
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-mr-r-c-k-vallal-cp-ac9f79f4

## Summary

### Background

The case pertains to an application filed by State Bank of India under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. R.C.K. Vallal, the personal guarantor of Winwind Power Energy Pvt Ltd, which is undergoing liquidation. The application is based on a Deed of Guarantee executed by the personal guarantor on 17.12.2013. The Corporate Insolvency Resolution Process (CIRP) against Winwind Power Energy Pvt Ltd was initiated on 28.09.2018, and liquidation was ordered on 07.08.2019. The date of default mentioned in the application is 28.04.2015.

## Facts

State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. R.C.K. Vallal, who is the personal guarantor for Winwind Power Energy Pvt Ltd. Winwind Power Energy Pvt Ltd is undergoing liquidation, with Corporate Insolvency Resolution Process (CIRP) initiated on 28.09.2018 and liquidation ordered on 07.08.2019. Mr. R.C.K. Vallal executed a Deed of Guarantee on 17.12.2013. A Demand Notice was issued to the Personal Guarantor on 05.03.2021 under Rule 7(1) of the Insolvency and Bankruptcy Rules, 2019. The date of default is 28.04.2015. The Financial Creditor has also placed on file the Record of Default dated 15.03.2021. The application seeks to initiate proceedings against the Respondent (Mr. R.C.K. Vallal) under

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## Issues and analysis

### Issue 1: Whether the application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, …

**Ratio:** The NCLAT has held that once an application under Section 95 of IBC, 2016 is filed, the

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**Reasoning:** The Adjudicating Authority relied on the decision of the NCLAT in Mr. Ravi Ajit Kulkarni

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**Interpretation:** Section 95 of the IBC, 2016 allows a creditor to initiate insolvency resolution

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**Application:** The application filed by State Bank of India against the personal guarantor,

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## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Appellants:** State Bank of…
- **Respondents:** Winwind Power…; Mr.R.C.K.…

## Timeline

- **2013-12-17 — Deed of Guarantee…**: Mr. R.C.K. Vallal…
- **2015-04-28 — Date of D…**: The date of default as…

## 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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