# In the matter of State Bank of India Vs. Ram Prakash Pandey, CP (IB)/49(KB)/2022

> NCLT judgment dated 2022-04-05. Citation: TCN-2022-NCLT-03370. The case involves an application filed by a creditor, State Bank of India, against Mr. Ram…

- **Court:** NCLT
- **Order date:** 5 Apr 2022
- **Citation:** TCN-2022-NCLT-03370
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-ram-prakash-pandey-cp-c0e18589

## Summary

### Background

The case involves an application filed by a creditor, State Bank of India, against Mr. Ram Prakash Pandey, the personal guarantor to the corporate debtor, M/s Sri Balaji Logs Products Private Limited, under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The application seeks to initiate the Insolvency Resolution Process due to a default of ₹135.21 Crore. A statutory notice of demand was served to the personal guarantor on 09.11.2021, requesting payment, but no payment was made despite receiving the notice on 11.11.2021.

## Facts

State Bank of India filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. Ram Prakash Pandey, who is the personal guarantor to M/s Sri Balaji Logs Products Private Limited (the Corporate Debtor). The application was filed due to a default of ₹135.21 Crore. A statutory notice of demand was served to Mr. Pandey on 09.11.2021, requesting payment. Mr. Pandey received the notice on 11.11.2021 but failed to make any payment. The creditor, State Bank of India, then filed a petition seeking the initiation of the Insolvency Resolution Process against Mr. Pandey. The court then declared an interim moratorium effective from 11.12.2021 and appointed Shri Subodh Kumar Agrawal as the Resolution Professional.

## Issues and analysis

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

**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 provisions of Section 95(1) of the IBC, 2016, and the fact that

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**Interpretation:** Section 95(1) provides a mechanism for creditors to recover debts from personal

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**Application:** The court found that the creditor, State Bank of India, had demonstrated a

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** State Bank of…
- **Respondents:** M/s Sri Balaji…; Ram Prakash…

## Timeline

- **2021-11-09 — Statutory Notice of…**: A statutory notice of demand was served to Mr. Ram Prakash Pandey, the personal…
- **2021-11-11 — Receipt of Dema…**: Mr. Ram Prakash Pandey received…

## 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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