# 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-04749. State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 30 May 2022
- **Citation:** TCN-2022-NCLT-04749
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/state-bank-of-india-vs-sanjay-maheshwari-cp-c1696639

## Summary

### Background

State Bank of India filed an application under Section 95 of the Insolvency and Bankruptcy Code (IBC) seeking initiation of the Interim Resolution Process against Shri Sanjay Maheshwari, the Personal Guarantor of the Corporate Debtor, M/s Saga Automotive (I) Private Limited, for an amount of Rs. 28,36,04,727.55/-.

## Facts

State Bank of India filed an application seeking initiation of Interim Resolution Process 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 (IBC).

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

Mr. Sandeep Mahajan was appointed as the Resolution Professional.

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

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

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

…

## Issues and analysis

### Issue 1: Whether the application under Section 95 of the IBC should be admitted for initiating the …

**Ratio:** The application is admissible if the requirements of Section 95 of the IBC are met and

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

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**Interpretation:** Section 95 of the IBC allows for the initiation of the Insolvency Resolution

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**Application:** The Adjudicating Authority admitted the application under Section 95 of the IBC

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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:** State Bank Of…; Abhishek…; +1 more
- **Advocates:** Abhishek…; Sandeep M…; +1 more

## Timeline

- **2020-06-29 — Demand N…**: Demand notice dated 29.06.2020 served to the…
- **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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