# In the matter of Vistra ITCL (India) Limited vs. V.S.Suresh

> NCLT judgment dated 2024-01-25. Citation: TCN-2024-NCLT-02918. Vistra ITCL (India) Limited filed an application under Section 95(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 25 Jan 2024
- **Citation:** TCN-2024-NCLT-02918
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vistra-itcl-india-limited-vs-vssuresh-a450fae7

## Summary

### Background

Vistra ITCL (India) Limited filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against the Personal Guarantor/Respondent Mr. V.S.Suresh of M/s. Real Value Ventures Private Limited, the Corporate Debtor. CIRP was initiated against the Corporate Debtor vide an order dated 21.11.2017. The application was filed due to the Corporate Debtor's failure to repay credit facilities taken from the Applicant, for which the Respondent had given a personal guarantee. The Applicant has provided particulars of debt amounting to Rs.2397,18,10,000/- with the date of default as 24.09.2018. The Demand Notice issued under Rule 7(1) of the Insolvency and Bankruptcy Rules, 2019, was served to the Personal Guarantor on 07.11.2023.

## Facts

Vistra ITCL (India) Limited, formerly known as IL&FS Trust Company Limited, filed an application under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, against Mr. V.S.Suresh, the personal guarantor of M/s. Real Value Ventures Private Limited, the Corporate Debtor. The Corporate Debtor had taken credit facilities from the Applicant, and Mr. V.S.Suresh had given a personal guarantee for the said loan. The Corporate Debtor failed to repay the debt, leading the Applicant to initiate CIRP against the Corporate Debtor. The amount of default is Rs.2397,18,10,000/-, and the date of default is 24.09.2018. The Applicant has placed the Deed of Guarantor, Equitable Mortgage of Title Deeds, and Share Pledge Agreements on record. A Demand Notice was issued to the

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## Issues and analysis

### Issue 1: Whether the application filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** Section 95 of the IBC provides that a creditor may apply either by himself, or jointly

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**Reasoning:** The court considered the averments made in the application and the fact that the

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**Interpretation:** Section 95 of the IBC allows a creditor to initiate insolvency proceedings

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**Application:** The Applicant, Vistra ITCL (India) Limited, filed the application under Section

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Vistra ITCL…
- **Respondents:** Real Value…; V.S.Su…

## Timeline

- **2017-11-21 — CIRP Init…**: CIRP was initiated against the Corporate Debtor vide an order dated 21.11.2017 in…
- **2018-09-24 — Date of D…**: The date of default is…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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