# 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-02058. 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-02058
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/subhash-chander-mishra-cp-ib-no-40941jpr2022-71519a54

## 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. State Bank of India, S.M.E. Branch, Dadabari Extension, Kota, had advanced a loan to the Corporate Debtors. Upon default by the Corporate Debtors, the Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on May 24, 2021. The applicant failed to fulfill his obligations pursuant to the personal guarantee within 60 days of the notice. The total amount of default is Rs. 5,35,53,097/-, owed to various creditors including Tata Motors Finance Ltd., ICICI Bank Ltd., Kotak Mahindra Bank, Bajaj Finance Ltd., HDB Financial Services Ltd.,

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## 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

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**Reasoning:** The Adjudicating Authority considered that the application was in Form-A format,

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**Interpretation:** Section 94(1) allows a personal guarantor to initiate insolvency resolution

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**Application:** The court found that the application met the requirements of Section 94 of the

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## 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 in newspaper under Section 13(2) of the…
- **2022-04-27 — Filing of App…**: Date of filing of the instant…

## 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)

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