# In the matter of State Bank of India vs. Vijay R. Gupta

> NCLT judgment dated 2024-11-11. Citation: TCN-2024-NCLT-00272. The case involves a company petition filed by State Bank of India through its Resolution…

- **Court:** NCLT
- **Order date:** 11 Nov 2024
- **Citation:** TCN-2024-NCLT-00272
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-vijay-r-gupta-0343a18c

## Summary

### Background

The case involves a company petition filed by State Bank of India through its Resolution Professional, Mr. Anil Kohli, for initiating Corporate Insolvency Resolution Process against Mr. Vijay R. Gupta, the Personal Guarantor of the Corporate Debtor M/S. Shreem Corporation Limited (formerly known as M/S Rajput Retail Limited). The petition is filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016.

## Facts

State Bank of India, through its Resolution Professional Mr. Anil Kohli, filed a company petition to initiate Corporate Insolvency Resolution Process (CIRP) against Mr. Vijay R. Gupta, who is the Personal Guarantor of the Corporate Debtor M/S. Shreem Corporation Limited (formerly known as M/S Rajput Retail Limited). The petition is filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The petitioner's counsel referred to a Deed of Guarantee dated 31.12.2011, an Invocation of Guarantee dated 18.04.2024, and a Demand Notice dated 25.04.2024, all related to unpaid debt in default by M/S. Shreem Corporation Limited. The court noted that the petition is complete in all respects. The relevance of these facts is to establish the basis for initiating CIRP

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## Issues and analysis

### Issue 1: Whether the petition for initiating insolvency resolution process against the Personal Guarantor to …

**Ratio:** The court must assess whether the application meets the requirements of the IBC for

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**Reasoning:** The court considered the submissions, perused the documents, and found the petition

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**Interpretation:** This involves interpreting the relevant provisions of the IBC concerning the

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**Application:** The court applied this ratio by examining the petition and related documents,

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** State Bank Of…
- **Respondents:** M/S Shreem…; Vijay R. Gupta…
- **Advocates:** Abhishek…

## Timeline

- **2011-12-31 — Deed of Gua…**: Deed of Guarantee executed by and…
- **2024-04-18 — Invocation of…**: Invocation of Guarantee…

## 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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