# In the matter of Tata Capital Financial Services Ltd Vs. Jagdish Prasad Saboo, CP (IB)/57(AHM)/2022

> NCLT judgment dated 2022-03-07. Citation: TCN-2022-NCLT-03878. The application is filed under Section 95 of the Insolvency and Bankruptcy Code (IBC) seeking…

- **Court:** NCLT
- **Order date:** 7 Mar 2022
- **Citation:** TCN-2022-NCLT-03878
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tata-capital-financial-services-ltd-vs-jagdish-prasad-saboo-cp-a6706fe6

## Summary

### Background

The application is filed under Section 95 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of the Insolvency Resolution Process against the personal guarantor of the Corporate Debtor, Surya Exim Limited. The applicant is Tata Capital Financial Services Ltd.

## Facts

Tata Capital Financial Services Ltd filed an application under Section 95 of the IBC seeking initiation of Insolvency Resolution Process against Jagdish Prasad Saboo, the personal guarantor of the Corporate Debtor, Surya Exim Limited. The application was filed as a Financial Creditor. The applicant did not propose a Resolution Professional (RP). The court appointed Mr. Kabra Rajendrakumar Radhakishan as the RP. An interim moratorium under Section 96 of the Code shall commence from the date of application.

## Issues and analysis

### Issue 1: Whether the application under Section 95 of the IBC for initiating Insolvency Resolution Process …

**Ratio:** Section 95 of the IBC allows a creditor to initiate insolvency resolution process against

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**Reasoning:** The application was filed under Section 95 of the Code seeking initiation of Insolvency

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**Interpretation:** Section 95 provides a mechanism for creditors to pursue insolvency proceedings

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**Application:** The application is maintainable as it is filed under Section 95 of the IBC

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Tata Capital…
- **Respondents:** Surya Exim…; Jagdish Prasad…
- **Advocates:** Dev S…; Arjun S…

## Timeline

- **2022-03-07 — Order Del…**: Order delivered on…
- **2022-05-10 — Further Consi…**: Matter listed for further…

## 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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