# In the matter of Vistra ITCL India Ltd & Anr. Vs. Ravindra Mallikarjunappa Madhudhi, CP (IB)/105/BB/2022

> NCLT judgment dated 2022-11-02. Citation: TCN-2022-NCLT-00560. The case pertains to a company petition filed by Vistara (ITCL) India Ltd. & Anr. as Financial…

- **Court:** NCLT
- **Order date:** 2 Nov 2022
- **Citation:** TCN-2022-NCLT-00560
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vistra-itcl-india-ltd-anr-vs-ravindra-mallikarjunappa-madhudhi-cp-e83c36aa

## Summary

### Background

The case pertains to a company petition filed by Vistara (ITCL) India Ltd. & Anr. as Financial Creditors under Section 95(1) of the Insolvency & Bankruptcy Code, 2016, seeking to initiate an Insolvency Resolution Process against Mr. Ravindra Mallikarjunappa Madhudhi, the Personal Guarantor. The Demand Notice dated 19.10.2020 was successfully delivered upon the Personal Guarantor, and 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 I&B Code, 2016, to initiate the Insolvency Resolution Process against Mr. Ravindra Mallikarjunappa Madhudhi, who is the Personal Guarantor. A Demand Notice dated 19.10.2020 was delivered to the Personal Guarantor, but no reply was issued. A copy of the Petition and Court Notice dated 15.06.2022 was delivered to the Personal Guarantor on 14.07.2022. The Financial Creditor proposed Mr. Ratnakar Shetty as the Resolution Professional, who is registered with IBBI. The interim-moratorium under Section 96(1)(a) of the I&B Code, 2016, commenced on the date of filing of the application.

## Issues and analysis

### Issue 1: Whether the requirements of Section 95(1) of the I&B Code, 2016, have been met for initiating …

**Ratio:** Section 95(1) of the I&B Code, 2016, allows a creditor to apply for initiating the

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**Reasoning:** The court considered the submissions that the Demand Notice and the Petition were

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**Interpretation:** Section 95(1) is interpreted to mean that upon successful delivery of the

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**Application:** The court applied this interpretation to the facts of the case, noting that the

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## Parties

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

## Timeline

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

## 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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