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

> NCLT judgment dated 2023-01-31. Citation: TCN-2023-NCLT-04839. The case pertains to an application filed by Vikramjit Singh Kochar, a personal guarantor to…

- **Court:** NCLT
- **Order date:** 31 Jan 2023
- **Citation:** TCN-2023-NCLT-04839
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vikramjit-singh-kochar-cp-ib-no-244chdpb2022-69183887

## Summary

### Background

The case pertains to an application filed by Vikramjit Singh Kochar, a personal guarantor to M/s. Kochar Overseas Private Limited (Corporate Debtor), under Section 94 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Insolvency Resolution Process. 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 invocation of the personal guarantee by Punjab National Bank. An earlier Corporate Insolvency Resolution Process (CIRP) had been initiated against Kochar Overseas Private Limited under Section 10 of the IBC, 2016, and the company is currently under liquidation. The Resolution Professional was

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## Facts

Vikramjit Singh Kochar is the personal guarantor for a loan availed by Kochar Overseas Private Limited (Corporate Debtor) from Punjab National Bank. The Corporate Debtor defaulted on a loan of Rs. 43 crores. Vikramjit Singh Kochar extended his personal guarantee in favor of Punjab National Bank to secure the debt. The Corporate Debtor's account was 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 was initiated against the Corporate Debtor, Kochar Overseas Private Limited, under Section 10 of the IBC, 2016, and the company is currently under liquidation. Vikramjit Singh Kochar filed an application under Section 94 of the IBC, 2016, seeking initiation of

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## Issues and analysis

### Issue 1: Whether the application filed by Vikramjit Singh Kochar under Section 94 of the IBC, 2016, should …

**Ratio:** Section 100 of the IBC, 2016, provides for the admission of an application under Section

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**Reasoning:** The Adjudicating Authority considered the report submitted by the Resolution

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**Interpretation:** Section 94 allows a debtor to initiate insolvency resolution process. Section

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**Application:** The Resolution Professional's report confirmed that the application met the

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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 Corporate Debtor's loan account was…
- **2015-11-13 — Recall Notice…**: Punjab National Bank issued a recall notice under Section 13(2) of the SARFAESI Act,…

## 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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