# In the matter of Sunil Kumar Kedia vs. Rohit S Sharma

> NCLT judgment dated 2024-08-21. Citation: TCN-2024-NCLT-00773. The case pertains to an application filed by the Resolution Professional (RP), Sunil Kumar…

- **Court:** NCLT
- **Order date:** 21 Aug 2024
- **Citation:** TCN-2024-NCLT-00773
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sunil-kumar-kedia-vs-rohit-s-sharma-75408ab9

## Summary

### Background

The case pertains to an application filed by the Resolution Professional (RP), Sunil Kumar Kedia, in the matter of Personal Guarantor Shri Rohit S Sharma under Sections 106 and 112 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Regulation 20 of the IBBI (Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Regulations, 2019. The application was filed in connection with Company Petition CP (IB) No. 243 of 2021, initiated by the Financial Creditor against the Personal Guarantor. The Tribunal had previously admitted an application under Section 95 of the IBC, 2016, initiating the Insolvency Resolution Process against Rohit S Sharma, who is the personal guarantor for credit facilities provided by State Bank of India to the Corporate

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## Facts

On January 4, 2024, the Tribunal admitted an application under Section 95 of the IBC, 2016, initiating the Insolvency Resolution Process against Rohit S Sharma, the personal guarantor for credit facilities provided by State Bank of India to CLS Industries Private Limited. Sunil Kumar Kedia was appointed as the Resolution Professional. A public announcement inviting claims was made on January 10, 2024. The last date for receipt of claims was January 31, 2024. The Resolution Professional prepared a list of creditors. Raj Radhe Finance Limited expressed its willingness not to forfeit its right on the asset mortgaged, modifying the claims. Despite repeated requests, the Personal Guarantor failed to submit a repayment plan or details of assets. Five meetings of the

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## Issues and analysis

### Issue 1: Whether the delay in filing the report by the …

**Ratio:** In the interest of justice, the Adjudicating

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**Reasoning:** The Insolvency Process ended on 03rd May 2024, and there was a delay of 33 days in filing

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**Interpretation:** The Adjudicating Authority has the discretion to condone delays in filing

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**Application:** The Adjudicating Authority condoned the delay in filing the report by the RP,

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Sunil Kumar…
- **Respondents:** CLS Industries…; Rohit S S…
- **Advocates:** Aditi S…; Atul Sh…; +4 more

## Timeline

- **2024-01-04 — Admission of Application…**: Tribunal admitted an application under section 95 of the IBC, 2016 in respect of…
- **2024-01-10 — Public Annou…**: Resolution Professional made…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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