# In the matter of Vijender Antil, CP (IB) No. 1129/ND/2020

> NCLT judgment dated 2022-08-05. Citation: TCN-2022-NCLT-01439. The case pertains to an application filed by Vijender Antil, the Applicant/Debtor, under…

- **Court:** NCLT
- **Order date:** 5 Aug 2022
- **Citation:** TCN-2022-NCLT-01439
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vijender-antil-cp-ib-no-1129nd2020-df95b1e5

## Summary

### Background

The case pertains to an application filed by Vijender Antil, the Applicant/Debtor, under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process ('IR Process') against himself as a personal guarantor. The applicant is a guarantor for a business loan sanctioned to M/s Jungrele Info Solutions Pvt. Ltd. ('the Corporate Debtor'). The corporate debtor defaulted, leading to the loan account being classified as NPA in 2015. A recovery suit was filed by Phoenix ARC Pvt. Ltd. against the corporate debtor and the applicant, resulting in a decree against them for Rs. 13,68,593/-. Execution proceedings are pending. The applicant claims financial difficulties in paying the professional fees for the insolvency resolution

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## Facts

Vijender Antil, the Applicant/Debtor, filed an application under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against himself. He acted as a guarantor for a business loan of Rs. 10 Lakhs sanctioned by Barclays Bank to M/s Jungrele Info Solutions Pvt. Ltd. ('the Corporate Debtor'). The Corporate Debtor defaulted on the loan, leading to its classification as a Non-Performing Asset (NPA) in 2015. Phoenix ARC Pvt. Ltd. filed a recovery suit against the Corporate Debtor and Vijender Antil, which was decreed in their favor for Rs. 13,68,593/-. Execution proceedings are currently pending. Vijender Antil claims he is financially weak and unable to pay the professional fees associated with the insolvency resolution

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## Issues and analysis

### Issue 1: Whether the application filed by Vijender Antil meets the requirements of Section 94 of the …

**Ratio:** Section 94 of the IBC, 2016, outlines the requirements for an individual to apply for

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**Reasoning:** The court observed that the application was in the prescribed form and contained the

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**Interpretation:** Section 94 sets the basic procedural and informational requirements for

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**Application:** The court applied the ratio by examining the application and confirming that it

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## Parties

- **Judges:** DHARMINDER…; L. N. G…
- **Appellants:** Vijender…
- **Respondents:** M/s Jungrele Info…; Phoenix ARC Pvt.…

## Timeline

- **2015-01-01 — Loan Account Classified…**: The loan account of the Corporate Debtor was classified as a Non-Performing Asset (NPA)…
- **N/A — Recovery Sui…**: Phoenix ARC Pvt. Ltd. filed a recovery suit against the Corporate Debtor and the…

## 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)

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