# In the matter of State Bank of India Vs. Sangeeta Jain, CP (IB)-494(PB)/2022

> NCLT judgment dated 2022-08-10. Citation: TCN-2022-NCLT-01410. The State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 10 Aug 2022
- **Citation:** TCN-2022-NCLT-01410
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-sangeeta-jain-cp-70a09445

## Summary

### Background

The State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate insolvency proceedings against the Personal Guarantor, Mrs. Sangeeta Jain. The application was filed before the National Company Law Tribunal (NCLT), New Delhi.

## Facts

The State Bank of India initiated insolvency proceedings against Mrs. Sangeeta Jain, the Personal Guarantor, by filing an application under Section 95 of the IBC, 2016. The respondent, Mrs. Sangeeta Jain, appeared through counsel and did not object to the appointment of a Resolution Professional. Mr. Yogender Pal Singhal, holding registration number IBBI/IPA-001/IP-P00492/2017-18/10880, was appointed as the Resolution Professional (RP) for the Corporate Debtor. The RP is required to submit a report under Section 99 of the IBC within 10 days of the order. The matter is scheduled for further consideration on 05.09.2022. A limited notice was issued on 2021-08-04.

## Issues and analysis

### Issue 1: Whether the application filed by the State Bank of India under Section 95 of the IBC for initiating …

**Ratio:** Section 95 of the IBC allows a creditor to initiate insolvency proceedings against a

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**Reasoning:** The court considered the application filed by the State Bank of India under Section 95 of

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**Interpretation:** Section 95 of the IBC provides a mechanism for creditors to pursue insolvency

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**Application:** The State Bank of India, as a creditor, utilized Section 95 of the IBC to

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## Parties

- **Judges:** Ramalingam…; SH. AVINASH KUMAR…
- **Appellants:** State Bank of…
- **Respondents:** Sangeeta…

## Timeline

- **2021-08-04 — Limited Notic…**: Limited notice was…
- **2022-08-10 — Order Del…**: Order delivered 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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