# In the matter of State Bank of India Vs. Narendra Kishore Pradeep, CP (IB)/744(PB)/2021

> NCLT judgment dated 2022-07-05. Citation: TCN-2022-NCLT-01883. This case involves an application filed by State Bank of India under Section 95 r/w Rule 7(2)…

- **Court:** NCLT
- **Order date:** 5 Jul 2022
- **Citation:** TCN-2022-NCLT-01883
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-narendra-kishore-pradeep-cp-06ee3774

## Summary

### Background

This case involves an application filed by State Bank of India under Section 95 r/w Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantor to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against the Respondent/Guarantor, Sh. Narendra Kishore Pradeep, who stood as Personal Guarantor to the credit facilities availed by the Corporate Debtor, M/s Zillion Infraprojects Pvt. Ltd. The total outstanding debt was Rs. 90,73,78,607.30. The NCLT admitted a Section 7 application filed by L&T Finance Limited against Zillion Infraprojects on 05.02.2019. The Resolution Plan submitted by the Successful Resolution Applicant was approved by the Committee of Creditors

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## Facts

State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) to initiate the Insolvency Resolution Process against Sh. Narendra Kishore Pradeep, the personal guarantor to the Corporate Debtor, M/s Zillion Infraprojects Pvt. Ltd. SBI had sanctioned financial assistance to Zillion Infraprojects, which was reviewed and enhanced over time. The last loan sanction was on 15.03.2017 for Rs. 100 crores. The Corporate Debtor defaulted, and the account was classified as NPA. SBI issued a demand notice on 14.06.2018 for Rs. 44.88 crores. L&T Finance Limited had also filed an application under Section 7 of the IBC against Zillion Infraprojects, which was admitted on 05.02.2019. The guarantor, Sh. Narendra Kishore Pradeep, executed

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## Issues and analysis

### Issue 1: Whether the application filed by State Bank of India under Section 95 of the IBC against the …

**Ratio:** Section 95 of the IBC allows a creditor to initiate insolvency resolution process against

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**Reasoning:** The court considered the submissions and the report of the Resolution Professional, which

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**Interpretation:** Section 95 provides a mechanism for creditors to pursue insolvency proceedings

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**Application:** The court found that the application was in compliance with Section 95 and the

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash Kumar…
- **Appellants:** State Bank of…
- **Respondents:** M/S ZILLION…; Sh. Narendra…
- **Advocates:** Ekta Chou…; Ishwar Moh…; +1 more

## Timeline

- **2006-08-23 — First Sanctio…**: State Bank of India sanctioned financial assistance to the extent of Rs. 17 Crores to the…
- **2017-03-15 — Last Loan S…**: The last loan sanction was on…

## 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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