# In the matter of State Bank of India Vs. Sameer Ahmad Khan, CP (IB) No.948(PB)/2020

> NCLT judgment dated 2022-08-16. Citation: TCN-2022-NCLT-01368. The application IA-3809/2022 was filed by the applicant seeking an extension of 60 days to file…

- **Court:** NCLT
- **Order date:** 16 Aug 2022
- **Citation:** TCN-2022-NCLT-01368
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-sameer-ahmad-khan-cp-d3b4b206

## Summary

### Background

The application IA-3809/2022 was filed by the applicant seeking an extension of 60 days to file a report on the decision of the creditors regarding the approval or rejection of the repayment plan submitted by the Personal Guarantor, as per Regulation 19 of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, read with Section 112 of the Insolvency and Bankruptcy Code (IBC). The applicant's counsel referred to paragraphs 25, 26, and 27, emphasizing the requirement to file a report within 120 days of the commencement of the Insolvency Resolution Process.

## Facts

The State Bank of India filed an application against Sameer Ahmad Khan under Section 95(1) of the Insolvency & Bankruptcy Code (IBC). The applicant sought an extension of 60 days to file a report on the decision of the creditors regarding the approval or rejection of the repayment plan submitted by the Personal Guarantor. This extension was sought under Regulation 19 of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, read with Section 112 of the IBC. The creditors were considering the repayment plan, and the Personal Guarantor needed more time to improve it. The creditors also required time to obtain internal approvals on the revised repayment plan. The timeline for completing the Insolvency Resolution

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## Issues and analysis

### Issue 1: Whether the applicant should be granted a 60-day extension to file the report on the decision of …

**Ratio:** Regulation 19 of the IBBI (Insolvency Resolution Process for Personal Guarantors to

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**Reasoning:** The court considered the submissions of the applicant's counsel, the fact that the

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**Interpretation:** The court interpreted Regulation 19 and Section 112 as requiring the timely

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**Application:** Based on the specific facts, the court found that the applicant had

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash K.…
- **Appellants:** State Bank of…
- **Respondents:** Sameer Ahma…

## Timeline

- **2022-08-04 — Effective date for…**: The applicant requested an…
- **2022-08-16 — Order del…**: Order delivered on 16.08.2022, allowing…

## 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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