# In the matter of State Bank of India Vs. Shagufta Khan, CP (IB) No. 947(PB)/2020

> NCLT judgment dated 2022-08-16. Citation: TCN-2022-NCLT-01367. The application, IA-3810/2022, was filed by the applicant seeking an extension of 60 days to…

- **Court:** NCLT
- **Order date:** 16 Aug 2022
- **Citation:** TCN-2022-NCLT-01367
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-shagufta-khan-cp-ea8ac9e3

## Summary

### Background

The application, IA-3810/2022, 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. 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 Insolvency & Bankruptcy Code (IBC). The applicant argued that the creditors were still considering the repayment plan and needed more time to take internal approvals on the revised plan.

## Facts

State Bank of India filed an application against Shagufta 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. The application was filed under Regulation 19 of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019, read with Section 112 of the Code. The creditors were still considering the repayment plan and required more time to take internal approvals on the revised plan. The timeline for completion of Insolvency Resolution Process is 180 days as per Section 101 which stipulates that the moratorium granted under

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## Issues and analysis

### Issue 1: Whether the applicant should be granted an extension of 60 days to file the report on the decision …

**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 and the reasons stated in

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**Interpretation:** Regulation 19 and Section 112 are interpreted to allow for a reasonable

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**Application:** In this specific case, the court applied the ratio by granting a 60-day

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## Parties

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

## Timeline

- **2022-08-04 — Effective Date for…**: The applicant requested an extension of 60 days, effective from August 4, 2022, to file…
- **2022-08-16 — Order Del…**: The order was delivered on August 16, 2022, granting the extension of 60 days to file 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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