# In the matter of State Bank of India Vs. Vijayraj Surana, CP (IB) No. 226/CHE/2021

> NCLT judgment dated 2022-07-19. Citation: TCN-2022-NCLT-01653. The case involves CP(IB)/226/CHE/2021, where State Bank of India is the petitioner and…

- **Court:** NCLT
- **Order date:** 19 Jul 2022
- **Citation:** TCN-2022-NCLT-01653
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-vijayraj-surana-cp-20a1f1bc

## Summary

### Background

The case involves CP(IB)/226/CHE/2021, where State Bank of India is the petitioner and Vijayaraj Surana is the respondent. The application was filed under Section 95(1) of the IBC, 2016. A memo was filed on 2022-04-04 by the Counsel for the Financial Creditor. Insolvency proceedings have been initiated under Section 95 by the NCLT, Bench-II, Chennai, commencing insolvency proceedings vide order dated 2022-06-24.

## Facts

State Bank of India filed an application CP(IB)/226/CHE/2021 against Vijayaraj Surana under Section 95(1) of the IBC, 2016. A memo was filed on 2022-04-04 by the Counsel for the Financial Creditor. Prior to this case, insolvency proceedings had already been initiated against the same guarantor, Vijayaraj Surana, under Section 95 of the IBC by NCLT, Bench-II, Chennai, with an order dated 2022-06-24. The current application, CP(IB)/226/CHE/2021, was subsequently dismissed.

## Issues and analysis

### Issue 1: Whether the application CP(IB)/226/CHE/2021 should be dismissed given that insolvency proceedings …

**Ratio:** When insolvency proceedings have already been initiated against a guarantor under Section

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**Reasoning:** The court's decision to dismiss the application is based on the fact that insolvency

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**Interpretation:** This case highlights the principle that when insolvency proceedings are already

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**Application:** In this case, since insolvency proceedings had already been initiated against

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## Parties

- **Judges:** S. Ramath…; SAMEER…
- **Appellants:** State Bank of…
- **Respondents:** Vijayaraj…
- **Advocates:** M.L. Ga…; Gurupra…

## Timeline

- **2022-04-04 — Memo Fil…**: A memo vide S.R.No.2241 was filed by the…
- **2022-06-24 — Insolvency Proceedings…**: Insolvency proceedings were initiated against the guarantor under Section 95 of the IBC…

## 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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