# In the matter of Mr. Vijay Kumar Agarwal, CP (IB) No. 24/94(1)/JPR/2022

> NCLT judgment dated 2022-05-31. Citation: TCN-2022-NCLT-04740. The case pertains to an application filed under Section 94(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 31 May 2022
- **Citation:** TCN-2022-NCLT-04740
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/mr-vijay-kumar-agarwal-cp-ib-no-24941jpr2022-47ca51f2

## Summary

### Background

The case pertains to an application filed under Section 94(1) 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. Vijay Kumar Agarwal, the Applicant/Debtor, who is a personal guarantor for M/s Narayani Tor Pvt. Ltd. (Corporate Debtor).

## Facts

Mr. Vijay Kumar Agarwal filed an application under Section 94(1) of the IBC as a personal guarantor to M/s Narayani Tor Pvt. Ltd.

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

Mr. Vijay Kumar Agarwal 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 noted that no prior application under Chapter III of Part III of the Code had been admitted for the Applicant/Debtor in the preceding twelve months.

An interim moratorium commenced from 16.03.2022, the date of filing the application.

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## Issues and analysis

### Issue 1: Whether the application filed by Mr. Vijay Kumar Agarwal under Section 94(1) of the IBC is …

**Ratio:** Section 94(1) of the IBC allows a debtor to apply for initiation of insolvency resolution

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**Reasoning:** The applicant, being a personal guarantor who defaulted on obligations, is eligible to

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**Interpretation:** The Adjudicating Authority interpreted Section 94(1) to include personal

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**Application:** The Adjudicating Authority applied Section 94(1) to the facts of the case and

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## Parties

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

## Timeline

- **2019-09-04 — Notice D…**: Applicant received a notice under…
- **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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