# In the matter of Sunita Dinesh Jaiswa

> NCLT judgment dated 2024-02-16. Citation: TCN-2024-NCLT-02553. The case involves an application filed by Sunita Dinesh Jaiswal, a personal guarantor, under…

- **Court:** NCLT
- **Order date:** 16 Feb 2024
- **Citation:** TCN-2024-NCLT-02553
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sunita-dinesh-jaiswa-ea98aec9

## Summary

### Background

The case involves an application filed by Sunita Dinesh Jaiswal, a personal guarantor, under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process. The application is against herself as the personal guarantor of M/s J-Marks Exim (India) Pvt. Ltd. The petitioner had given a guarantee as per the deed of guarantee dated 17.02.2012 in favor of the Corporate Debtor. The loan granted to the Corporate Debtor was declared as Non-Performing Assets on 30.09.2013, and subsequently, the Corporate Debtor was admitted into CIRP vide order dated 26.05.2020. The State Bank of India (SBI) filed an I.A. 831/2023 seeking to declare Mr. Manish Lalji Dawda unfit to be an Insolvency Professional and replace him.

## Facts

Sunita Dinesh Jaiswal, the petitioner, is a personal guarantor for M/s J-Marks Exim (India) Pvt. Ltd., the Corporate Debtor. She filed a petition under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process against herself. She had given a guarantee as per the deed of guarantee dated 17.02.2012 in favor of the Corporate Debtor. The loan granted to the Corporate Debtor was declared as Non-Performing Assets on 30.09.2013, and the Corporate Debtor was admitted into CIRP on 26.05.2020. The State Bank of India (SBI) filed I.A. 831/2023 seeking to replace the initially proposed RP, Mr. Manish Lalji Dawda. Mr. Dawda also filed an affidavit withdrawing his name. SBI proposed Mr. Birendra Kumar Agarwal as the new RP. The

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## Issues and analysis

### Issue 1: Whether the application for initiating Insolvency Resolution Process against the personal guarantor …

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

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**Reasoning:** The court considered that the petitioner, being a personal guarantor, had filed the

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**Interpretation:** Section 94 provides a mechanism for personal guarantors to initiate insolvency

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**Application:** The court applied Section 94 to the facts of the case, where the petitioner,

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** Sunita Dinesh…
- **Respondents:** J-Marks Exim…; SBI…

## Timeline

- **2012-02-17 — Deed of Gua…**: The Petitioner/ Personal Guarantor had given a guarantee as per the deed of guarantee in…
- **2013-09-30 — Loan declar…**: The loan granted to Corporate Debtor was…

## 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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