# In the matter of STCI Finance Ltd. vs. Aditya Ramniwas Dhoot

> NCLT judgment dated 2024-11-05. Citation: TCN-2024-NCLT-00309. The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 5 Nov 2024
- **Citation:** TCN-2024-NCLT-00309
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/stci-finance-ltd-vs-aditya-ramniwas-dhoot-22477edc

## Summary

### Background

The case pertains to an application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantor to Corporate Debtor) Rules, 2019, by STCI Finance Limited (Financial Creditor) seeking initiation of Insolvency Resolution Process against Mr. Aditya Ramniwas Dhoot (Personal Guarantor) for a default amount of Rs.39,75,63,897/- as on 30.11.2023. The default relates to a Joint Deed of Guarantee dated 29.11.2017 executed in favor of the Financial Creditor. The corporate debtor, M/s IMP Powers Ltd., had availed financial assistance of Rs.25.00 Crore and entered into an agreement with the Applicant/FC for a Corporate

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## Facts

STCI Finance Limited filed a company petition (CP(IB)/70(AHM)2024) under Section 95(1) of the Insolvency and Bankruptcy Code (IBC), seeking to initiate the Insolvency Resolution Process (IRP) against Mr. Aditya Ramniwas Dhoot, a personal guarantor to the corporate debtor, M/s IMP Powers Ltd. The claim is based on a default of Rs. 39,75,63,897 as of 30.11.2023, arising from a joint deed of guarantee dated 29.11.2017. M/s IMP Powers Ltd. had availed financial assistance of Rs. 25.00 Crore from STCI Finance Limited. The corporate debtor defaulted on 29.11.2020. Subsequently, STCI Finance Limited issued a notice on 09.02.2021 to the corporate debtor and personal guarantor regarding the default. The corporate debtor admitted its liability on 25.02.2021. STCI Finance Limited

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## Issues and analysis

### Issue 1: Whether the application filed under Section 95(1) of the IBC for initiating Insolvency Resolution …

**Ratio:** Section 95(1) of the IBC allows a financial creditor to apply for initiating the

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**Reasoning:** The Adjudicating Authority considered the application filed by the Financial Creditor,

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**Interpretation:** The interpretation of Section 95(1) of the IBC is that if a default has

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**Application:** In this case, the Financial Creditor demonstrated that a default had occurred,

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** STCI Finance…
- **Respondents:** IMP Power…; Aditya Ramniwas…

## Timeline

- **2017-11-29 — Joint Deed of…**: Joint Deed of Guarantee…
- **2020-11-29 — Default by Corporate…**: Corporate Debtor…

## 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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