# In the matter of Sunil Gupta

> NCLT judgment dated 2024-02-12. Citation: TCN-2024-NCLT-02631. The case pertains to an application filed by Sunil Gupta, the personal guarantor of M/s SNR…

- **Court:** NCLT
- **Order date:** 12 Feb 2024
- **Citation:** TCN-2024-NCLT-02631
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sunil-gupta-5f320960

## Summary

### Background

The case pertains to an application filed by Sunil Gupta, the personal guarantor of M/s SNR Electronics Limited (Corporate Debtor), under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the insolvency resolution process. The application is filed in accordance with the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution process for Personal Guarantors to Corporate Debtor) Rules, 2019 and regulation 4(2) of IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019.

## Facts

Sunil Gupta, in his capacity as the personal guarantor of M/s SNR Electronics Limited, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the insolvency resolution process. The application was filed in accordance with the relevant rules and regulations governing personal guarantors to corporate debtors. The applicant did not propose a name for the Resolution Professional. The Adjudicating Authority considered the application and the Supreme Court's judgment in Dilip B Jiwrajka vs Union of India & Ors., which clarified that no judicial adjudication is required at the stage of appointing a Resolution Professional. A copy of the application has already been served to the Financial Creditor and the Corporate Debtor

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## Issues and analysis

### Issue 1: Whether the application filed by the personal guarantor under Section 94(1) of the Insolvency and …

**Ratio:** Section 94(1) of the Insolvency and Bankruptcy Code, 2016, allows a debtor to apply for

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**Reasoning:** The Adjudicating Authority considered the application filed by the personal guarantor

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**Interpretation:** Section 94(1) provides a mechanism for personal guarantors to initiate

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**Application:** The application was filed by Sunil Gupta, the personal guarantor of M/s SNR

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** Sunil G…
- **Respondents:** SNR Electronics…; Canara…

## Timeline

- **2024-02-12 — Date of Prono…**: The order was…
- **2024-01-01 — IBBI Panel…**: The Resolution Professional was appointed from the IBBI panel for the period 1st January,…

## 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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