# In the matter of Vinaychand Thakarshi Barbhaya

> NCLT judgment dated 2024-11-27. Citation: TCN-2024-NCLT-00151. The case involves a Company Petition filed by Mr. Vinaychand Thakarshi Bharbhya under Section…

- **Court:** NCLT
- **Order date:** 27 Nov 2024
- **Citation:** TCN-2024-NCLT-00151
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vinaychand-thakarshi-barbhaya-9f44246d

## Summary

### Background

The case involves a Company Petition filed by Mr. Vinaychand Thakarshi Bharbhya under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process against himself as the Corporate Debtor of M/s Caratline Gems Private Limited. The Corporate Debtor had availed various credit facilities and the loan account was classified as NPA due to default in repayment of loan installments. The petitioner executed Guarantee Deeds in favour of the bank to secure the credit facility.

## Facts

Mr. Vinaychand Thakarshi Bharbhya filed a Company Petition under Section 94 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process against himself as the Corporate Debtor of M/s Caratline Gems Private Limited. The Corporate Debtor availed credit facilities, but the loan account was classified as NPA due to default in repayment of loan installments, specifically a secured loan/debt of Rs. 1,58,61,299.00 from India Bulls on 2023-09-23. Mr. Bharbhya executed Guarantee Deeds to secure the credit facility. He claims he is unable to pay the debt and has approached the bench. The petition was filed in the prescribed form as mandated under section 94(6) of the I&B Code. The petitioner served a copy of the petition upon the Insolvency

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## Issues and analysis

### Issue 1: Whether the Company Petition filed by Mr. Vinaychand Thakarshi Bharbhya under Section 94 of the …

**Ratio:** Section 94 of the Insolvency and Bankruptcy Code, 2016, along with Rule 6 of the

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**Reasoning:** The court perused the documents and found the petition complete in all aspects as

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**Interpretation:** Section 94 of the IBC and related rules specify the procedural and substantive

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**Application:** The court applied the provisions of Section 94 and related rules to the facts

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Appellants:** Vinaychand…
- **Respondents:** M/s Caratline…

## Timeline

- **2023-09-23 — Loan Def…**: The Corporate Debtor defaulted on repayment of loan installments to India Bulls,…
- **2024-10-10 — Court Or…**: The court issued an order requiring the Petitioner to serve a copy of the Petition upon…

## 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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