# 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-00254. The State Bank of India filed an application against the Personal Guarantor, Mr. Sanjay Jain,…

- **Court:** NCLT
- **Order date:** 2 Dec 2022
- **Citation:** TCN-2022-NCLT-00254
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-sanjay-jain-cp-484c3458

## Summary

### Background

The State Bank of India filed an application against the Personal Guarantor, Mr. Sanjay Jain, who is also the 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 publication copy was filed with the Tribunal via affidavit dated 2022-11-25. The guarantee given by the Applicant was invoked via letter dated 2013-02-26 issued by the State Bank of Travancore (Associate of the State Bank of India).

## Facts

State Bank of India filed an application under Section 95 of the IBC, 2016 against Sanjay Jain, the Personal Guarantor to the Corporate Debtor. The application seeks initiation of the Insolvency Resolution Process and appointment of a Resolution Professional. The Respondent was served through publication. The guarantee was invoked by the State Bank of Travancore via letter dated 2013-02-26. 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

…

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

…

**Interpretation:** Section 95 of the IBC, 2016 provides a mechanism for creditors to initiate

…

**Application:** The court applied Section 95 of the IBC, 2016 to the facts of the case, noting

…

## Parties

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

## Timeline

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

## 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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