# In the matter of Vistra ITCL India Ltd & Anr. Vs. Hemang Dipakkumar Rawal, CP (IB)/104/BB/2022

> NCLT judgment dated 2022-11-02. Citation: TCN-2022-NCLT-00559. The case involves a Company Petition filed by Vistara (ITCL) India Ltd. & Anr. under Section…

- **Court:** NCLT
- **Order date:** 2 Nov 2022
- **Citation:** TCN-2022-NCLT-00559
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vistra-itcl-india-ltd-anr-vs-hemang-dipakkumar-rawal-cp-8921e7e8

## Summary

### Background

The case involves a Company Petition filed by Vistara (ITCL) India Ltd. & Anr. under Section 95(1) of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Insolvency Resolution Process against Mr. Hemang Dipakumar Rawal, the Personal Guarantor. A demand notice dated 19.10.2020 was successfully delivered to the Personal Guarantor. A copy of the Petition and Court Notice dated 15.06.2022 was successfully delivered upon the Personal Guarantor on 14.07.2022.

## Facts

Vistara (ITCL) India Ltd. & Anr. filed a Company Petition under Section 95(1) of the Insolvency & Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against Mr. Hemang Dipakumar Rawal, who is the Personal Guarantor. A demand notice dated 19.10.2020 was successfully delivered to the Personal Guarantor. The Personal Guarantor did not reply to the demand notice. A copy of the Petition and Court Notice dated 15.06.2022 was successfully delivered to the Personal Guarantor on 14.07.2022. The Financial Creditor proposed Mr. Ratnakar Shetty as the Resolution Professional. The court appointed Mr. Ratnakar Shetty as the Resolution Professional. The interim-moratorium under Section 96(1)(a) of the I&B Code, 2016 has commenced.

## Issues and analysis

### Issue 1: Whether the application under Section 95(1) of the Insolvency & Bankruptcy Code, 2016, to …

**Ratio:** Section 95(1) of the Insolvency & Bankruptcy Code, 2016 allows a creditor to initiate

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**Reasoning:** The court considered the fact that the demand notice was served on the Personal Guarantor

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**Interpretation:** Section 95(1) provides a mechanism for creditors to recover debts from personal

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**Application:** The court applied Section 95(1) to the facts of the case and found that the

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## Parties

- **Judges:** SH. KISHORE…; SH. MANOJ KUMAR…
- **Appellants:** Vistara (ITCL)…
- **Respondents:** Hemang Dipakkumar…

## Timeline

- **2020-10-19 — Demand Notice…**: Demand Notice dated 19.10.2020 was…
- **2022-06-15 — Petition and Court…**: Copy of the Petition and Court Notice dated 15.06.2022 was successfully delivered upon…

## 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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