# In the matter of Mr. Surendra Agarwal, CP (IB) No. 25/94(1)/JPR/2022

> NCLT judgment dated 2022-05-31. Citation: TCN-2022-NCLT-04744. The application is filed under Section 94 of the Insolvency and Bankruptcy Code, 2016 read with…

- **Court:** NCLT
- **Order date:** 31 May 2022
- **Citation:** TCN-2022-NCLT-04744
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/mr-surendra-agarwal-cp-ib-no-25941jpr2022-0e9218ef

## Summary

### Background

The application is filed under Section 94 of the Insolvency and Bankruptcy Code, 2016 read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019 by Mr. Surendra Agarwal, the personal guarantor for M/s Narayani Tor Pvt. Ltd. (Corporate Debtor), seeking initiation of insolvency resolution process.

## Facts

Mr. Surendra Agarwal filed an application under Section 94 of the Insolvency and Bankruptcy Code, 2016 as a personal guarantor to M/s Narayani Tor Pvt. Ltd.

Bank of Baroda advanced a loan to the Corporate Debtor, M/s Narayani Tor Pvt. Ltd.

The applicant received a notice dated 04.09.2019 under section 13(2) of the SARFAESI Act, 2002 from Bank of Baroda due to the default of the Corporate Debtor.

The amount of default is Rs. 5,84,22,267.87/- and the date of default is 02.11.2019.

The Adjudicating Authority appointed Mr. Vishnu Upadhyay as the Resolution Professional.

Interim moratorium commenced from 16.03.2022, the date of filing of the application.

## Issues and analysis

### Issue 1: Whether the application filed by Mr. Surendra Agarwal under Section 94(1) of the Insolvency and …

**Ratio:** The applicant has failed to fulfill his obligations pursuant to the personal guarantee

…

**Reasoning:** The applicant is a debtor in default and is accordingly eligible to file the instant

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**Interpretation:** The requirements of Section 94

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**Application:** The application is

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## Parties

- **Judges:** Deep Chandr…; RAGHU N…; +1 more
- **Appellants:** Surendra A…
- **Respondents:** Narayani Tor Pvt.…
- **Other parties:** Bank of B…; Vishnu Up…
- **Advocates:** Anurag Kala…; Akshita Ko…; +1 more

## Timeline

- **2019-09-04 — Notice under Section…**: Bank of Baroda issued a notice to the applicant under section 13(2) of the SARFAESI Act,…
- **2019-11-02 — Date of D…**: The date of default is…

## 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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