# In the matter of State Bank of India vs. Raghavendra Joshi

> NCLT judgment dated 2024-11-13. Citation: TCN-2024-NCLT-00239. The case involves an application (I.A. No. 2247/2023) filed in connection with a Company…

- **Court:** NCLT
- **Order date:** 13 Nov 2024
- **Citation:** TCN-2024-NCLT-00239
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-raghavendra-joshi-afa1763c

## Summary

### Background

The case involves an application (I.A. No. 2247/2023) filed in connection with a Company Petition (C.P. NO. 575(IB)/MB/2022) under Section 60(4) r/w 60(5) of the Insolvency and Bankruptcy Code, 2016. The applicant, Raghavendra Joshi, is challenging the sale of a property by Indian Bank (Respondent No. 1) to Mr. Besi Kuzimanil Mathu (Respondent No. 2) during the interim moratorium period under Section 96 of the Code. State Bank of India had extended credit facilities to Deogiri Infrastructure Private Limited, which were secured by personal guarantees from Raghavendra Joshi and his wife. Upon the corporate debtor's account becoming irregular, State Bank of India initiated proceedings under the SARFAESI Act and also filed a Company Petition under Section 7 of the Code.

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## Facts

State Bank of India (SBI), the Financial Creditor, extended credit facilities of Rs. 1500 Lakhs on 2014-05-17 to M/s Deogiri Infrastructure Private Limited, the Corporate Debtor. These facilities were secured by personal guarantees from Raghavendra Joshi (the Applicant) and his wife, Smt. Meena Raghavendra Joshi, via a Guarantee Agreement dated 2015-03-13. The credit facilities were later extended to Rs. 4100 Lakhs, secured by extended personal guarantees. Due to irregularities, the loan account was classified as a Non-Performing Asset (NPA) on 2018-10-30. SBI issued a notice under Section 13(2) of the SARFAESI Act on 2019-04-10 and initiated proceedings before the Debts Recovery Tribunal (DRT) in Aurangabad. SBI took symbolic possession of properties in Aurangabad and

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## Issues and analysis

### Issue 1: Whether this Tribunal has jurisdiction …

**Ratio:** Section 60 of the IBC provides the Adjudicating Authority's jurisdiction for corporate

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**Reasoning:** The Corporate Debtor, M/s Deogiri Infrastructure Pvt. Ltd., was admitted to CIRP on

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**Interpretation:** Section 60 of the IBC clarifies that the NCLT has jurisdiction over matters

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**Application:** Since the CIRP of the Corporate Debtor is pending before the NCLT Mumbai Bench,

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Raghavendra…
- **Respondents:** Deogiri Infrastruc…; Indian…

## Timeline

- **2014-05-17 — Credit Facilities…**: State Bank of India extended credit facilities of Rs. 1500 Lakhs to M/s Deogiri…
- **2015-03-13 — Guarantee Ag…**: Raghavendra Joshi and his wife signed a Guarantee Agreement to secure the credit…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(4) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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