# 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-04745. 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-04745
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/mr-vijay-kumar-agarwal-cp-ib-no-24941jpr2022-99e8f8ac

## 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 the 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 the Corporate Debtor.

The applicant received a notice dated 04.09.2019 under section 13(2) of the SARFAESI Act, 2002 from Bank of Baroda seeking invocation of the personal guarantee.

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

The application was filed in respect of debts which are not excluded debts under Section 79(15)(c) of the Code.

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

Mr. Vishnu Upadhyay was appointed as the Resolution Professional.

## Issues and analysis

### Issue 1: Whether the application filed by the personal guarantor under Section 94(1) of the IBC is …

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

…

**Reasoning:** The applicant, being a personal guarantor to a corporate debtor and having defaulted on

…

**Interpretation:** The provision is interpreted to allow personal guarantors to initiate

…

**Application:** The application is deemed maintainable as the applicant is a personal guarantor

…

## 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 dated 04.09.2019 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-jaipur/mr-vijay-kumar-agarwal-cp-ib-no-24941jpr2022-99e8f8ac