# In the matter of State Bank of India Vs. Surapaneni Ramesh, CP (IB) No. 303(ND)/2021

> NCLT judgment dated 2022-05-24. Citation: TCN-2022-NCLT-02630. The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 24 May 2022
- **Citation:** TCN-2022-NCLT-02630
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-surapaneni-ramesh-cp-b05802b2

## Summary

### Background

The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) r/w Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, for initiating the Insolvency Resolution Process against the personal guarantor, Mr. Surapaneni Ramesh, of the Corporate Debtor, Abir Infrastructure Private Limited. The applicant, State Bank of India, is the financial creditor. The corporate debtor was admitted under CIRP by the NCLT, New Delhi Bench vide order dated 30.01.2019, and the matter is currently pending.

## Facts

Abir Infrastructure Private Limited is the Corporate Debtor. State Bank of India is the Financial Creditor. The total maximum debt is Rs. 107,17,64,543.15 due and payable by the corporate debtor to the financial creditor on 09.11.2017. The default occurred upon non-payment by the personal guarantor on 10.11.2017. The guarantor, Mr. Surapaneni Ramesh, executed deeds of guarantee on 17.09.2013 in respect of the credit facilities entered into between SBI and the Corporate Debtor. The Applicant Bank issued a statutory Demand Notice dated 28.10.2020 under Rule 7 of the Insolvency and Bankruptcy Rules, 2019, amounting to Rs. 23,37,11,482.86/-. The corporate debtor was admitted under CIRP by the NCLT, New Delhi Bench, vide order dated 30.01.2019, in (IB) No. 893/ND/2018, and

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## Issues and analysis

### Issue 1: Whether to admit the application for initiating the Insolvency Resolution Process against the …

**Ratio:** Section 95(1) of the IBC allows a creditor to apply for initiating the Insolvency

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**Reasoning:** The court considered the application filed by the financial creditor, State Bank of

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**Interpretation:** Section 95(1) of the IBC is interpreted to provide a mechanism for creditors to

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**Application:** The court applied Section 95(1) of the IBC to the facts of the case, where the

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## Parties

- **Judges:** BACHU VENKAT…; Virendra Kumar…
- **Appellants:** State Bank of…
- **Respondents:** Abir Infrastructur…; Surapaneni…

## Timeline

- **2013-09-17 — Execution of Guarantee…**: The guarantor, Mr. Surapaneni Ramesh, executed deeds of guarantee in respect of the…
- **2017-11-09 — Debt Due…**: Total maximum debt of Rs107,17,64,543.15 due and payable by corporate debtor to financial…

## 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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