# In the matter of Standard Chartered Bank vs. Abdul Rehman Basheeruddin

> NCLT judgment dated 2023-07-13. Citation: TCN-2023-NCLT-05327. The case involves an application filed by Standard Charter Bank under Section 95 of the…

- **Court:** NCLT
- **Order date:** 13 Jul 2023
- **Citation:** TCN-2023-NCLT-05327
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kochi/standard-chartered-bank-vs-abdul-rehman-basheeruddin-84e2b048

## Summary

### Background

The case involves an application filed by Standard Charter Bank under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019, to initiate the Insolvency Resolution Process against Mr. Abdul Rehman Basheeruddin, the Personal Guarantor, for loans availed by the Corporate Debtor, Furnace Fabrica (India) Limited.

## Facts

Standard Charter Bank filed an application under Section 95 of the IBC, 2016 against Abdul Rehman Basheeruddin, a personal guarantor.

The application pertains to the Insolvency Resolution Process for Personal Guarantors to Corporate Debtors Rules, 2019.

Abdul Rehman Basheeruddin stood as a guarantor for loans availed by Furnace Fabrica (India) Limited.

The Financial Creditor is a consortium of four banks, including State Bank of India, Export-Import Bank of India, Axis Bank, and Standard Charter Bank.

The consortium granted credit facilities aggregating to Rs. 288,00,00,000/- to Furnace Fabrica (India) Limited.

Standard Charter Bank also granted Bilateral Facilities amounting to Rs. 57,60,000,000/- to Furnace Fabrica (India) Limited.

…

## Issues and analysis

### Issue 1: Whether the application filed by Standard Charter Bank under Section 95 of the IBC, 2016 is …

**Ratio:** The Petitioner has averred in its petition coupled with documents that the personal

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**Reasoning:** The Adjudicating Authority considered the

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**Interpretation:** The requirements of Section 95

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**Application:** The application is

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## Parties

- **Judges:** P. Moha…; Satya Ranjan…
- **Appellants:** Standard Chartered…
- **Respondents:** Furnace Fabrica…; Abdul Rehman…
- **Other parties:** Ram Ratan K…
- **Advocates:** Renoy Vi…

## Timeline

- **2010-05-13 — Inter se Ag…**: Consortium granted credit facilities aggregating to Rs. 288,00,00,000/- to the corporate…
- **2010-03-25 — Facility…**: The petitioner granted Consortium…

## 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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