# In the matter of State Bank of India Vs. Vinod Kumar Garg, CP (IB) No. 329(ND)/202

> NCLT judgment dated 2022-06-10. Citation: TCN-2022-NCLT-02274. The State Bank of India filed an application under Section 95 of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 10 Jun 2022
- **Citation:** TCN-2022-NCLT-02274
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-vinod-kumar-garg-cp-72abb4b0

## Summary

### Background

The State Bank of India filed an application under Section 95 of the Insolvency & Bankruptcy Code, 2016, seeking the initiation of the Insolvency Resolution Process against Mr. Vinod Kumar Garg, who is the Personal Guarantor of M/s Alupan Composite Panels Pvt. Ltd (“Corporate Debtor”).

## Facts

State Bank of India filed an application under Section 95 of the Insolvency & Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Vinod Kumar Garg, the Personal Guarantor of M/s Alupan Composite Panels Pvt. Ltd. The application was filed because Mr. Garg provided a personal guarantee for the debts of the corporate debtor, Alupan Composite Panels Pvt. Ltd. Upon filing the application, an interim-moratorium commenced, staying any pending legal actions against the personal guarantor and prohibiting creditors from initiating new actions. The court appointed Mr. Vivek Parti as the Resolution Professional to assess the application and make recommendations.

## Issues and analysis

### Issue 1: Whether the application filed by State Bank of India under Section 95 of the Insolvency & …

**Ratio:** Section 95 of the Insolvency & Bankruptcy Code, 2016, allows a creditor to file an

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**Reasoning:** The court considered the application filed by the State Bank of India under Section 95 of

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**Interpretation:** Section 95 provides a mechanism for creditors to recover debts from personal

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**Application:** The court found that the application was filed by a creditor (State Bank of

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; HEMANT KUMAR…
- **Appellants:** State Bank of…
- **Respondents:** M/s Alupan…; Vinod Kuma…

## Timeline

- **2022-05-11 — Limited Notic…**: Limited Notice was issued to the Respondent/Personal Guarantor vide order dated…
- **2022-06-03 — IBBI Let…**: IBBI vide letter dt. 3rd June 2022 informed that for the section 97(2) and 98(6) of the…

## 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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