# In the matter of State Bank of India Vs. Mrs. Mamta Kishore Apparao, CP (IB) No. 101/MB-IV/2021

> NCLT judgment dated 2022-02-15. Citation: TCN-2022-NCLT-04123. The case pertains to a Company Petition filed by State Bank of India under Section 95 of the…

- **Court:** NCLT
- **Order date:** 15 Feb 2022
- **Citation:** TCN-2022-NCLT-04123
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-mrs-mamta-kishore-apparao-cp-58b8a894

## Summary

### Background

The case pertains to a Company Petition filed by State Bank of India under Section 95 of the Insolvency & Bankruptcy Code, 2016 (IBC), read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, seeking to initiate Personal Insolvency Resolution Process (CIRP) against Mrs. Mamta Kishore Apparao, the Personal Guarantor. A petition under section 9 of the Code was admitted against the Corporate Debtor on 24.04.2019, and a liquidation order under section 33(1) of the Code was passed against the Corporate Debtor on 26.09.2019.

## Facts

State Bank of India filed a Company Petition under Section 95 of the IBC, seeking to initiate Personal Insolvency Resolution Process (CIRP) against Mrs. Mamta Kishore Apparao, who is the Personal Guarantor. The applicant claims a total outstanding of Rs. 5,58,05,35,399.30/-. A demand notice was served upon the Personal Guarantor via email on 15.10.2020, but the Personal Guarantor did not reply. A petition bearing CP (IB)No. 54/2019 under section 9 of the Code was admitted against the Corporate Debtor on 24.04.2019. A liquidation order under section 33(1) of the Code was passed by the Adjudicating Authority on 26.09.2019 against the Corporate Debtor. Demand Notice dated 30.09.2020 under Rule 7 (1) of the Insolvency and Bankruptcy Rules, 2019 was issued to the Personal

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## Issues and analysis

### Issue 1: Whether to appoint a Resolution Professional to examine the application for initiating Personal …

**Ratio:** The court has the power to appoint a Resolution Professional to examine the application

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**Reasoning:** The court considered the application and found it appropriate to appoint a Resolution

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**Interpretation:** The appointment of a Resolution Professional is a procedural step in the

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**Application:** The court appointed Mr. Santanu T Ray as the Resolution Professional and

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## Parties

- **Judges:** RAJESH S…; KISHORE VEMULAPALL…
- **Appellants:** State Bank of…
- **Respondents:** M/s TAG Offshore…; Mamta Kishore…

## Timeline

- **2019-04-24 — Admission of Petition…**: Petition bearing CP (IB)No. 54/2019 under section 9 of the Code was admitted against the…
- **2019-09-26 — Liquidation Order…**: Liquidation order under section 33(1) of the Code was passed by the Adjudicating…

## 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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