# In the matter of Subhash Chander Mishra, CP (IB) No. 40/94(1)/JPR/2022

> NCLT judgment dated 2022-06-24. Citation: TCN-2022-NCLT-02051. The case pertains to an application filed under Section 94(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 24 Jun 2022
- **Citation:** TCN-2022-NCLT-02051
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/subhash-chander-mishra-cp-ib-no-40941jpr2022-03968b2d

## Summary

### Background

The case pertains to an application filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by Shri Subhash Chander Mishra, a personal guarantor to M/s Niroz Insulations Pvt. Ltd. and M/s Triveni Agrotraders Pvt. Ltd. The application seeks to initiate the insolvency resolution process for the personal guarantor.

## Facts

Shri Subhash Chander Mishra, a personal guarantor for M/s Niroz Insulations Pvt. Ltd. and M/s Triveni Agrotraders Pvt. Ltd., filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016. A loan was advanced to the Corporate Debtor by State Bank of India. The Financial Creditor published a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 2021-05-24, following the Corporate Debtor's default. The applicant failed to fulfill his obligations pursuant to the personal guarantee within 60 days of the notice. The Corporate Debtor itself filed an application under Section 10 of IBC, 2016. The total amount of default mentioned by the applicant is Rs. 5,35,53,097/-. The application is in respect of debts which are not excluded under Section

…

## Issues and analysis

### Issue 1: Whether the application filed by the personal guarantor, Shri Subhash Chander Mishra, under Section …

**Ratio:** Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the

…

**Reasoning:** The Adjudicating Authority considered the applicant's eligibility based on the provisions

…

**Interpretation:** Section 94(1) provides the legal basis for a personal guarantor to apply for

…

**Application:** The applicant, being a personal guarantor, has invoked Section 94(1). The court

…

## Parties

- **Judges:** Deep Chandr…; RaghuNa…
- **Appellants:** SUBHASH CHANDER…
- **Respondents:** M/s Niroz…

## Timeline

- **2021-05-24 — Demand Notice under…**: Financial Creditor published a demand notice under Section 13(2) of the SARFAESI Act,…
- **2022-04-27 — Filing of App…**: Date of filing of the instant Application by Shri Subhash Chander Mishra, commencing the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94(1) — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/subhash-chander-mishra-cp-ib-no-40941jpr2022-03968b2d