# In the matter of State Bank of India Vs. Ram Ratan Goyal, CP (IB)/490/ND/2022

> NCLT judgment dated 2022-09-28. Citation: TCN-2022-NCLT-00917. This is an application filed by the State Bank of India through Resolution Professional Mr.…

- **Court:** NCLT
- **Order date:** 28 Sept 2022
- **Citation:** TCN-2022-NCLT-00917
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-ram-ratan-goyal-cp-5c626acd

## Summary

### Background

This is an application filed by the State Bank of India through Resolution Professional Mr. Vijender Sharma under Section 95(1) of IBC, 2016, against Mr. Ram Rattan Goyal, the Personal Guarantor. The applicant submits that the Respondent/Personal Guarantor has already been served with the notice and they have appeared on the last date. The demand notice has been properly served to the Personal Guarantor and the guarantee was invoked vide letter dated 15.03.2019. Also the bank has issued demand notice dated 29.07.2019.

## Facts

State Bank of India filed an application under Section 95(1) of the IBC, 2016, through Resolution Professional Mr. Vijender Sharma, against Mr. Ram Rattan Goyal, who is the Personal Guarantor. The applicant claims that the Personal Guarantor was served with a notice and appeared on the last date. The demand notice was properly served to the Personal Guarantor, and the guarantee was invoked via a letter dated 15.03.2019. The bank also issued a demand notice dated 29.07.2019. Upon filing the application, an interim moratorium commenced as per Section 96(1)(a) of the IBC, 2016, concerning all debts of the Personal Guarantor.

## Issues and analysis

### Issue 1: Whether the application filed by the State Bank of India under Section 95(1) of the IBC, 2016, is …

**Ratio:** Section 95(1) of the IBC, 2016 allows a creditor to initiate insolvency resolution

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**Reasoning:** The court notes that the application has been filed under Section 95(1) of the IBC, 2016.

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**Interpretation:** Section 95(1) provides a mechanism for creditors to pursue insolvency

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**Application:** The court will examine the documents and evidence presented by the applicant to

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## Parties

- **Judges:** SHRI. BACHU…; SHRI. L. N.…
- **Appellants:** State Bank of…
- **Respondents:** Ram Rattan…

## Timeline

- **2019-03-15 — Guarantee I…**: The guarantee was invoked…
- **2019-07-29 — Demand Notice…**: The bank issued a demand…

## 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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