# In the matter of State Bank of India Vs. Suman Jain, CP (IB)-495(PB)/2022

> NCLT judgment dated 2022-08-10. Citation: TCN-2022-NCLT-01414. 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-01414
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-suman-jain-cp-b0405a08

## 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. Suman Jain. A limited notice was issued on 04.08.2021.

## Facts

The State Bank of India initiated insolvency proceedings against Mrs. Suman Jain, the Personal Guarantor, under Section 95 of the IBC, 2016. A limited notice was issued on 04.08.2021. The respondent's counsel had no objection to the appointment of a Resolution Professional. Mr. Yogender Pal was appointed as the Resolution Professional (RP) for the Corporate Debtor, registration number IBBI/IPA-001/IP-P00492/2017-18/10880. The RP is required to file a report under Section 99 of the IBC within 10 days. The matter is scheduled for further consideration on 05.09.2022. The written consent of the RP and an affidavit stating no disciplinary proceedings are pending against him are required.

## Issues and analysis

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

**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, has the right to initiate insolvency

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## Parties

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

## 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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