# In the matter of State Bank of India vs. T. Jayananth

> NCLT judgment dated 2024-07-09. Citation: TCN-2024-NCLT-01044. The case involves an application filed by State Bank of India ('Financial Creditor') under…

- **Court:** NCLT
- **Order date:** 9 Jul 2024
- **Citation:** TCN-2024-NCLT-01044
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-t-jayananth-5f5a82ba

## Summary

### Background

The case involves an application filed by State Bank of India ('Financial Creditor') under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Mr. T. Jayananth ('Personal Guarantor'). The application pertains to a default on a principal amount of INR 100,67,49,653.20 together with interest, for loans availed by M/s. Titanium Tantalum Products Limited ('Corporate Debtor'), for which Mr. T. Jayananth acted as a personal guarantor. The Corporate Debtor is currently under liquidation. The date of default was specified as 29.12.2018. The Financial Creditor initiated SARFAESI proceedings and recovered a portion of the debt. The Resolution Professional (RP) was appointed and recommended the admission of the application.

## Facts

State Bank of India, the Financial Creditor, filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, against T. Jayananth, the Personal Guarantor, for a default on a principal amount of INR 100,67,49,653.20 plus interest. The default pertains to loans availed by M/s. Titanium Tantalum Products Limited, the Corporate Debtor, for which T. Jayananth acted as a personal guarantor. The date of default was 29.12.2018. The Corporate Debtor is currently under liquidation. The Financial Creditor had granted various credit facilities to the Corporate Debtor, secured by guarantees from T. Jeyanath, S/o Thangappan, Kamala Thangappan, W/o R. Thangappan and T.Jeyamohan, S/o R. Thangappan. The guarantors executed letters confirming the deposit of title

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 95 of the Insolvency and …

**Ratio:** Section 95 of the Insolvency and Bankruptcy Code, 2016, allows a financial creditor to

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**Reasoning:** The Tribunal considered the report of the Resolution Professional, which observed that

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**Interpretation:** Section 95 provides a mechanism for financial creditors to pursue insolvency

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**Application:** The Tribunal applied Section 95 to the facts of the case, noting that the

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** State Bank of…
- **Respondents:** Titanium Tantalum…; T Jayan…

## Timeline

- **2018-12-29 — Date of D…**: The date of default is reckoned as 29.12.2018, when the Corporate Debtor and Guarantors…
- **2021-07-23 — Petition…**: The present petition…

## 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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