# In the matter of Urmila Bansal Vs. Union Bank of India, CP (IB)/04/ND/2023

> NCLT judgment dated 2023-02-28. Citation: TCN-2023-NCLT-04428. The case involves an application filed by Smt. Urmila Bansal, a personal guarantor, under…

- **Court:** NCLT
- **Order date:** 28 Feb 2023
- **Citation:** TCN-2023-NCLT-04428
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/urmila-bansal-vs-union-bank-of-india-cp-28b8b963

## Summary

### Background

The case involves an application filed by Smt. Urmila Bansal, a personal guarantor, under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process. The applicant, also the personal guarantor of M/s. Sargam India Electronics Private Limited, has failed to repay a total debt of INR 62,04,25,306.63/- to Union Bank of India. The Tribunal directed the applicant to serve notice to the respondent, Union Bank of India, which was done via email.

## Facts

Smt. Urmila Bansal, acting as a personal guarantor for M/s. Sargam India Electronics Private Limited, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The application was triggered by the failure to repay a debt of INR 62,04,25,306.63/- to Union Bank of India. The Tribunal directed the applicant to serve notice to the respondent, Union Bank of India. The applicant proposed Shri Hemant Sethi as the Resolution Professional.

## Issues and analysis

### Issue 1: Whether the application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, for …

**Ratio:** Section 94(1) of the Insolvency and Bankruptcy Code, 2016, allows a debtor to apply for

…

**Reasoning:** The applicant, Smt. Urmila Bansal, filed the application under Section 94(1) of the IBC,

…

**Interpretation:** Section 94(1) provides a mechanism for individuals to initiate insolvency

…

**Application:** The Tribunal admitted the application, finding that the conditions under

…

## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Appellants:** Urmila B…
- **Respondents:** M/s. Sargam India…; Union Bank of…

## Timeline

- **2023-01-05 — Tribunal…**: Tribunal directed the applicant to serve…
- **2023-02-28 — Date of Prono…**: Date of pronouncement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94(1) — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/urmila-bansal-vs-union-bank-of-india-cp-28b8b963