# In the matter of Union Bank of India (UK) Ltd Vs. Ajit Jain, CP (IB)-992(ND)/2020

> NCLT judgment dated 2022-04-08. Citation: TCN-2022-NCLT-03317. The case pertains to an application filed in the National Company Law Tribunal, New Delhi,…

- **Court:** NCLT
- **Order date:** 8 Apr 2022
- **Citation:** TCN-2022-NCLT-03317
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/union-bank-of-india-uk-ltd-vs-ajit-jain-cp-672d509d

## Summary

### Background

The case pertains to an application filed in the National Company Law Tribunal, New Delhi, regarding the rejection of a repayment plan by the creditors of a personal guarantor. The matter involves Union Bank of India (UK) Ltd as the applicant/petitioner and Ajit Jain as the personal guarantor. The case is being heard under Section 95.

## Facts

Union Bank of India (UK) Ltd filed an application against Ajit Jain, who is the personal guarantor. The creditors rejected the repayment plan proposed by the personal guarantor. A report regarding the rejection was submitted to the court. The Resolution Professional also filed a report. The court took both reports on record. The creditors are now directed to file an application for initiation of bankruptcy proceedings.

## Issues and analysis

### Issue 1: Whether the rejection of the repayment plan by the …

**Ratio:** The court's decision to direct the creditors to initiate bankruptcy proceedings implies

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**Reasoning:** The court's reasoning is based on the report regarding the rejection of the repayment

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**Interpretation:** This issue involves interpreting the provisions of the law related to repayment

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**Application:** In this specific case, the rejection of the repayment plan by the creditors led

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## Parties

- **Judges:** BACHU VENKAT…; Virendra Kumar…
- **Appellants:** Union Bank Of…
- **Respondents:** Ajit…

## Timeline

- **2021-01-01 — IA-2101/…**: Filing of IA-2101/2021 related to the…
- **2021-01-01 — IA-1392/…**: Filing of IA-1392/2021, a report…

## 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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