# In the matter of State Bank of India Vs. Sanjay Maheshwari, CP (IB) No. 49/95/JPR/2021

> NCLT judgment dated 2022-05-30. Citation: TCN-2022-NCLT-04751. State Bank of India filed an application under Section 95 r/w Rule 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 30 May 2022
- **Citation:** TCN-2022-NCLT-04751
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/state-bank-of-india-vs-sanjay-maheshwari-cp-4ee59cf9

## Summary

### Background

State Bank of India filed an application under Section 95 r/w Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019, seeking initiation of Interim Resolution Process against Shri Sanjay Maheshwari, the Personal Guarantor of M/s Saga Automotive (I) Private Limited, for a debt of Rs. 28,36,04,727.55/-.

## Facts

State Bank of India filed an application against Shri Sanjay Maheshwari, the Personal Guarantor of M/s Saga Automotive (I) Private Limited.

The application was filed under Section 95 of the Insolvency and Bankruptcy Code, 2016.

The debt amount claimed was Rs. 28,36,04,727.55/-.

Mr. Sandeep Mahajan was appointed as the Resolution Professional.

The Resolution Professional filed a report under Section 99 of IBC recommending the admission of the application.

The Personal Guarantor was served with a demand notice dated 29.06.2020 but failed to repay the debt.

The Personal Guarantor admitted to making a payment of Rs. 7.25 Crores in 2017 but no further payments were made.

The Adjudicating Authority admitted the application and initiated the Insolvency Resolution Process.

…

## Issues and analysis

### Issue 1: Whether the application under Section 95 of IBC should be admitted against the Personal Guarantor, …

**Ratio:** Section 95 of IBC allows for the initiation of Insolvency Resolution Process against a

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**Reasoning:** The Adjudicating Authority considered the application, the report of the Resolution

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**Interpretation:** The Adjudicating Authority interpreted Section 95 to allow for the admission of

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**Application:** The Adjudicating Authority applied Section 95 and admitted the application,

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## Parties

- **Judges:** Deep Chandr…; RAGHU N…; +1 more
- **Appellants:** State Bank of…
- **Respondents:** M/s Saga Automotiv…; Sanjay Mahe…
- **Other parties:** Sandeep M…
- **Advocates:** Abhishek…; Sandeep M…; +1 more

## Timeline

- **2020-06-29 — Demand N…**: Demand notice issued to the Personal…
- **2021-09-01 — Order Da…**: Order dated 01.09.2021 appointed Mr. Sandeep Mahajan to file a report under Section 99 of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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