# In the matter of Vikramjit Singh Kochar, CP (IB) No. 244/Chd/Pb/2022

> NCLT judgment dated 2023-01-31. Citation: TCN-2023-NCLT-04844. The case involves an application filed by Vikramjit Singh Kochar, a personal guarantor, under…

- **Court:** NCLT
- **Order date:** 31 Jan 2023
- **Citation:** TCN-2023-NCLT-04844
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vikramjit-singh-kochar-cp-ib-no-244chdpb2022-13904bfd

## Summary

### Background

The case involves an application filed by Vikramjit Singh Kochar, a personal guarantor, under Section 94 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Insolvency Resolution Process against himself. Kochar is the personal guarantor for a loan availed by Kochar Overseas Private Limited (the corporate debtor) from Punjab National Bank. The corporate debtor defaulted on the loan, leading to the invocation of the personal guarantee. An earlier corporate insolvency resolution process (CIRP) had been initiated against Kochar Overseas Private Limited under Section 10 of the IBC and was accepted on 2017-11-25, and the company is currently under liquidation. The Resolution Professional was directed to file a report under Section 99 of the IBC,

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## Facts

Vikramjit Singh Kochar, acting as a personal guarantor for Kochar Overseas Private Limited, filed an application under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. Kochar Overseas Private Limited, the corporate debtor, had availed a loan of Rs. 43 crores from Punjab National Bank, for which Vikramjit Singh Kochar extended his personal guarantee. The corporate debtor defaulted on the loan, leading to the account being declared a Non-Performing Asset (NPA) on 2015-11-13. Punjab National Bank invoked the personal guarantee and demanded payment of Rs. 40,07,46,685.86. An earlier CIRP against Kochar Overseas Private Limited under Section 10 of the IBC was admitted on 2017-11-25, and the company is currently

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## Issues and analysis

### Issue 1: Whether the application filed by Vikramjit Singh Kochar under Section 94 of the Insolvency and …

**Ratio:** Section 94 of the IBC, read with Section 99, outlines the conditions and procedures for

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**Reasoning:** The Adjudicating Authority relied on the Resolution Professional's report, which

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**Interpretation:** Section 94 of the IBC provides a mechanism for personal guarantors to initiate

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**Application:** In this case, the Resolution Professional's report confirmed that Vikramjit

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Vikramjit Singh…
- **Respondents:** Kochar Overseas…
- **Advocates:** Niharika…

## Timeline

- **2015-11-13 — Account Decla…**: The loan account of Kochar Overseas Private Limited was declared a Non-Performing Asset…
- **2015-11-13 — Recall Notice…**: Punjab National Bank issued a recall notice under Section 13(2) of the SARFAESI Act, 2002…

## 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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