# In the matter of State Bank of India Vs. Sanjay Jain, CP (IB) 561/ND/2022

> NCLT judgment dated 2022-12-02. Citation: TCN-2022-NCLT-00247. State Bank of India filed an application against Sanjay Jain, the Personal Guarantor to…

- **Court:** NCLT
- **Order date:** 2 Dec 2022
- **Citation:** TCN-2022-NCLT-00247
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-sanjay-jain-cp-458c5877

## Summary

### Background

State Bank of India filed an application against Sanjay Jain, the Personal Guarantor to Corporate Debtor, under Section 95 of the IBC, 2016, seeking to initiate the Insolvency Resolution Process and appoint a Resolution Professional. The respondent was served through publication in newspapers, and the copy of the publication was filed with the Tribunal via affidavit dated 2022-11-25.

## Facts

State Bank of India (SBI) filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC), 2016 against Sh. Sanjay Jain, who is the personal guarantor to a corporate debtor. SBI seeks to initiate the Insolvency Resolution (IR) process and appoint a Resolution Professional (RP). The guarantee provided by the applicant was invoked via a letter dated 2013-02-26 issued by the State Bank of Travancore. Upon filing the application, an interim moratorium commenced as per Section 96(1)(a) of the IBC. The court appointed Mr. Ashish Singh as the Resolution Professional.

## Issues and analysis

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

**Ratio:** Section 95 of the IBC, 2016 allows a creditor to file an application for initiating the

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

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

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**Application:** The court acknowledged the application filed by SBI against Sanjay Jain, the

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## Parties

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

## Timeline

- **2013-02-26 — Guarantee I…**: The guarantee given by the Applicant herein was invoked vide letter issued by the State…
- **2022-11-25 — Affidavit…**: Copy of the publication served to the respondent was filed with the Tribunal vide…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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