# In the matter of State Bank of India Vs. Ms. Sunku Vasundhara, IBA/720/2020

> NCLT judgment dated 2022-03-11. Citation: TCN-2022-NCLT-03782. The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 11 Mar 2022
- **Citation:** TCN-2022-NCLT-03782
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-ms-sunku-vasundhara-iba7202020-7abe733b

## Summary

### Background

The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mrs. Sunku Vasundhara, the personal guarantor of M/s. Nathella Sampath Jewelry Private Limited, the Corporate Debtor, which is under liquidation. The application was filed by State Bank of India, the Financial Creditor. The date of default stated in the application is 04.02.2018. A demand notice was issued to the personal guarantor on 28.08.2020.

## Facts

State Bank of India (SBI), the Financial Creditor, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016 against Mrs. Sunku Vasundhara, the personal guarantor of M/s. Nathella Sampath Jewelry Private Limited. The Corporate Debtor, M/s. Nathella Sampath Jewelry Private Limited, is under liquidation, with a common order passed by the Adjudicating Authority on 03.01.2020. The date of default stated in the application is 04.02.2018. A demand notice was issued to the personal guarantor on 28.08.2020. The application seeks to initiate insolvency resolution process against the personal guarantor. The Agreements of Guarantee executed by the Personal Guarantor are placed in the typed set filed along with the application.

## Issues and analysis

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

**Ratio:** The ratio is based on the interpretation of Section 95 of the IBC, 2016, which allows for

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**Reasoning:** The court reasoned that the application was filed in accordance with Section 95(1) of the

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**Interpretation:** Section 95(1) of the IBC, 2016 is interpreted to mean that an application can

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**Application:** The ratio and reasoning are applied to the fact that Mrs. Sunku Vasundhara is

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## Parties

- **Judges:** S. Ramath…; Anil Ku…
- **Appellants:** State Bank of…
- **Respondents:** Nathella Sampath…; SUNKU VASU…

## Timeline

- **2018-02-04 — Date of D…**: The date of default as stated in…
- **2020-01-03 — Liquidation…**: A common order was passed for Liquidation of the company by this Adjudicating Authority…

## 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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