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

> NCLT judgment dated 2024-11-11. Citation: TCN-2024-NCLT-00276. The petition was filed by State Bank of India through its Resolution Professional, Mr. Anil…

- **Court:** NCLT
- **Order date:** 11 Nov 2024
- **Citation:** TCN-2024-NCLT-00276
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-vijay-r-gupta-857dca42

## Summary

### Background

The petition was filed by State Bank of India through its Resolution Professional, Mr. Anil Kohli, to initiate the Corporate Insolvency Resolution Process against Mr. Vijay R. Gupta, who is the personal guarantor of M/S. Shreem Corporation Limited (previously known as M/S Rajput Retail Limited (RRL)).

## Facts

State Bank of India, through its Resolution Professional Mr. Anil Kohli, filed a Company Petition to initiate the Corporate Insolvency Resolution Process against Mr. Vijay R. Gupta. Mr. Gupta is the personal guarantor of M/S. Shreem Corporation Limited, previously known as M/S Rajput Retail Limited (RRL). The petition was filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016. The petitioner's counsel highlighted the Deed of Guarantee dated December 31, 2011, executed by the personal guarantor, and the invocation of guarantee dated April 18, 2024. A demand notice was sent on April 25, 2024, to the personal guarantor regarding the unpaid debt in default from M/S. Shreem Corporation Limited. The NCLT noted that the petition for initiating insolvency

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## Issues and analysis

### Issue 1: Whether the Company Petition filed by the State Bank of India for initiating insolvency resolution …

**Ratio:** The Company Petition for initiating insolvency resolution process against the personal

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**Reasoning:** The Bench considered the submissions and perused the documents, concluding that the

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**Interpretation:** The NCLT interpreted the provisions of the IBC, particularly Sections 95 to 99,

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**Application:** Based on the completeness of the petition and the legal framework, the NCLT

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** State Bank Of…; State Bank Of…; +1 more
- **Respondents:** M/S Shreem…; Vijay R. Gupta…; +1 more
- **Advocates:** For the RP: Adv.…

## Timeline

- **December 31, 2011 — Deed of Gua…**: Deed of Guarantee executed…
- **November 9, 2023 — Supreme Court…**: Hon'ble Supreme Court decided Dilip B Jiwrajka Vs. Union of India & Ors. Writ Petition…

## 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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