# In the matter of State Bank of India Vs. Prannay Surekha, CP (IB)/74(KB)/2022

> NCLT judgment dated 2022-07-01. Citation: TCN-2022-NCLT-01915. The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 1 Jul 2022
- **Citation:** TCN-2022-NCLT-01915
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-prannay-surekha-cp-0b2f8c5e

## Summary

### Background

The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019. State Bank of India, the applicant, seeks to initiate the insolvency resolution process against Mr. Prannay Sureka, the personal guarantor, for a debt of Rs. 25,05,78,059.60/- owed by M/s. Alex Green Energy Private Limited (AGEPL). AGEPL had approached the applicant for credit facilities, and Prannay Sureka provided personal guarantees to secure the repayment. AGEPL defaulted on its payments, leading to the loan accounts being classified as NPA. An earlier application, O.A. No. 445

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## Facts

State Bank of India (SBI) extended credit facilities to Alex Green Energy Private Limited (AGEPL). Mr. Prannay Sureka provided personal guarantees to secure the repayment of these credit facilities. AGEPL defaulted on its repayment obligations. SBI classified AGEPL's loan accounts as Non-Performing Assets (NPA) according to RBI guidelines. SBI filed an original application, O.A. No. 445 of 2018, against AGEPL and its guarantors before the Debts Recovery Tribunal-I, Kolkata. AGEPL was admitted into Corporate Insolvency Resolution Process (CIRP) by the National Company Law Tribunal (NCLT), Kolkata Bench, vide order dated 18.02.2019. A resolution plan for AGEPL was approved on 25.11.2019. SBI issued a Demand Notice in Form B under Rule 7(1) of the IB Rules, 2019, on

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## Issues and analysis

### Issue 1: Whether the application filed by State Bank of India under Section 95(1) of the Insolvency and …

**Ratio:** Section 95(1) of the Insolvency and Bankruptcy Code, 2016, allows a creditor to file an

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**Reasoning:** The court considered the application filed by State Bank of India, the

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**Interpretation:** Section 95(1) of the IBC, 2016, provides a mechanism for creditors to initiate

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**Application:** In this case, the applicant, State Bank of India, has demonstrated that the

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** State Bank of…
- **Respondents:** M/S. ALEX GREEN…; Prannay S…

## Timeline

- **2018-01-01 — Original Application…**: The applicant filed an original application being O.A. No. 445of 2018 against the “AGEPL”…
- **2018-03-13 — Notice S…**: Notice dated 13.03.2018 was sent to the principal borrower as well as the guarantors…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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