# In the matter of Tenny Jose

> NCLT judgment dated 2023-12-22. Citation: TCN-2023-NCLT-00069. The case involves a petition filed under Section 95(1) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 22 Dec 2023
- **Citation:** TCN-2023-NCLT-00069
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tenny-jose-42975a4f

## Summary

### Background

The case involves a petition filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The petition seeks to initiate a Corporate Insolvency Resolution Process (CIRP) against the Personal Guarantor of M/s. Tenny Jose Limited (Corporate Debtor) due to a default amount of Rs. 73,77,18,785.56. The Corporate Debtor had availed working capital credit facilities from State Bank of India (SBI) and South Indian Bank (SIB). The Petitioner/Personal Guarantor, along with his family, had given Personal Guarantees to SIB and SBI and mortgaged their assets. The Corporate Debtor faced

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## Facts

Mr. Tenny Jose is the Personal Guarantor for M/s. Tenny Jose Limited, the Corporate Debtor. The Corporate Debtor availed working capital credit facilities from State Bank of India (SBI) and South Indian Bank (SIB). Mr. Jose, along with his family, provided Personal Guarantees to SIB and SBI, mortgaging their assets. The Corporate Debtor, a family-owned, closely held, public, unlisted company incorporated on 11.10.2011, engaged in paper products, building materials, and steel products. The Corporate Debtor faced financial difficulties due to the imposition of anti-dumping duty on imported copier paper from ASEAN countries in November 2018 and the Covid-19 pandemic, which significantly reduced demand. The loan accounts of the Corporate Debtor were declared as NPA by SBI

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## Issues and analysis

### Issue 1: Whether the application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 read …

**Ratio:** Section 95(1) of the Insolvency and Bankruptcy Code, 2016 allows a debtor to apply for

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**Reasoning:** The Tribunal found the petition complete in all respects after hearing the learned

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**Interpretation:** Section 95(1) provides the legal basis for initiating insolvency resolution

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**Application:** The Tribunal applied Section 95(1) and Rule 6(1) to the facts of the case,

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## Parties

- **Judges:** Shyam Babu…; T Krishna…
- **Appellants:** Tenny…
- **Respondents:** Tenny Jose…
- **Advocates:** Dharmya…

## Timeline

- **2011-10-11 — Incorporation of…**: Tenny Jose Limited was…
- **2018-11-01 — Imposition of…**: Government of India imposed anti-dumping duty on import of copier paper from ASEAN…

## 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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