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

> NCLT judgment dated 2023-03-02. Citation: TCN-2023-NCLT-04386. The application was filed by the personal guarantor, Mr. Subhash Chander Mishra, under Section…

- **Court:** NCLT
- **Order date:** 2 Mar 2023
- **Citation:** TCN-2023-NCLT-04386
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/subhash-chander-mishra-cp-ib-no-40941jpr2022-787786ed

## Summary

### Background

The application was filed by the personal guarantor, Mr. Subhash Chander Mishra, under Section 94(1) of the IBC, seeking to initiate the insolvency resolution process against himself. The Resolution Professional, Mr. Prashant Sharma, was appointed and filed a report under Section 99 of the IBC, recommending the admission of the application.

## Facts

Mr. Subhash Chander Mishra, the applicant and personal guarantor for Niroz Insulations Pvt. Ltd. (Corporate Debtor), filed an application 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. The application sought to initiate the insolvency resolution process against himself for a total debt of Rs. 5,35,53,097/- owed to various financial creditors. Upon presentation of the application, the Adjudicating Authority, on June 24, 2022, appointed Mr. Prashant Sharma as the Resolution Professional. Mr. Sharma was tasked with filing a report under Section 99 of IBC, 2016. Subsequently,

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## Issues and analysis

### Issue 1: Whether the application filed by the personal guarantor under Section 94 of the IBC for initiating …

**Ratio:** An application for insolvency resolution process against a personal guarantor under

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**Reasoning:** The Resolution Professional's report confirmed that the applicant, Mr. Subhash Chander

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**Interpretation:** The court interpreted Sections 94, 99, and relevant rules of the IBC to mean

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**Application:** Based on the Resolution Professional's report, which meticulously detailed

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** SUBHASH CHANDER…
- **Respondents:** Niroz Insulations…; Pramod Kuma…; +1 more
- **Advocates:** Nitesh Shri…; Sonal S…; +4 more

## Timeline

- **December 15, 2018 — Default…**: Default in repayment to…
- **July 23, 2019 — Default…**: Notice invoking Arbitration…

## Legal provisions

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

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