# In the matter of State Bank of India vs. Raman Gupta

> NCLT judgment dated 2024-07-30. Citation: TCN-2024-NCLT-00921. State Bank of India initiated a Company Petition (IB) No. 337(PB)/2021 under Section 95(1) of…

- **Court:** NCLT
- **Order date:** 30 Jul 2024
- **Citation:** TCN-2024-NCLT-00921
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-raman-gupta-413b3987

## Summary

### Background

State Bank of India initiated a Company Petition (IB) No. 337(PB)/2021 under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Raman Gupta, the Personal Guarantor of M/s. Metenere Limited. Vijender Sharma was appointed as the Resolution Professional (RP). The RP filed a report recommending the admission of the application. The constitutional validity of the provisions relating to Personal Guarantors to Corporate Debtors was challenged before the Supreme Court. The Adjudicating Authority admitted the application and initiated the insolvency resolution process. The RP made a public announcement and received claims against the Personal Guarantor.

## Facts

State Bank of India initiated insolvency proceedings against Raman Gupta, the personal guarantor of Metenere Limited, under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), 2016. Vijender Sharma was appointed as the Resolution Professional (RP). The RP filed a report recommending the admission of the application. The constitutional validity of Part III of the IBC, concerning personal guarantors, was challenged in the Supreme Court. The Adjudicating Authority admitted the application on 2024-03-01 under Section 100(1) of the IBC. A public announcement was made on 2024-03-03. The RP received claims from creditors, including State Bank of India, Bank of Baroda, Canara Bank, Indian Bank, DBS Bank, IDBI Bank Limited, Bank of India, and Exim Bank. The personal

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should allow I.A No. 3579 of 2024, considering the Personal …

**Ratio:** Section 115(2) of the IBC, 2016 states that where the Adjudicating Authority rejects the

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**Reasoning:** The Personal Guarantor failed to submit a repayment plan despite being given sufficient

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**Interpretation:** Section 115(2) provides a recourse when a repayment plan is rejected or, in

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**Application:** Since the Personal Guarantor did not submit a repayment plan, the Adjudicating

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** State Bank of…
- **Respondents:** Metenere L…; Raman G…

## Timeline

- **2021-06-02 — Application…**: State Bank of India filed an application bearing C.P (IB) No. 337(PB)/2021 under Section…
- **2022-01-21 — RP Appoin…**: Vijender Sharma was appointed as the Resolution Professional of Mr. Raman Gupta by the…

## 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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