# In the matter of Indiabulls Housing Finance Vs. Ritu Chhabria, CP (IB) No. 138/MB/2021

> NCLT judgment dated 2022-04-29. Citation: TCN-2022-NCLT-04868. Indiabulls Housing Finance Limited filed a Company Petition under Section 95 of the Insolvency…

- **Court:** NCLT
- **Order date:** 29 Apr 2022
- **Citation:** TCN-2022-NCLT-04868
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/indiabulls-housing-finance-vs-ritu-chhabria-cp-198b19d3

## Summary

### Background

Indiabulls Housing Finance Limited filed a Company Petition under Section 95 of the Insolvency & 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 Debtors) Rules, 2019, to initiate Individual Insolvency Resolution Process (IRP) against Mrs. Ritu Chhabria, the Personal Guarantor.

## Facts

Indiabulls Housing Finance Limited filed a petition against Mrs. Ritu Chhabria, who is the personal guarantor to Raghuleela Infraventures Private Limited.

Raghuleela Infraventures Private Limited approached Indiabulls Housing Finance Limited for loan facilities amounting to INR 283 Crores in March 2017.

Indiabulls Housing Finance Limited sanctioned two loans: Loan 1 of INR 150,00,00,000/- and Loan 2 of INR 133,00,00,000/-.

A Deed of Personal Guarantee was executed by Mrs. Ritu Chhabria on 14.03.2017.

The total amount disbursed by the Financial Creditor to the Corporate Debtor is INR 146,68,83,834/-.

A Demand Notice in Form B dated 07.07.2021 was issued to the Personal Guarantor claiming total outstanding of Rs.124,86,18,294/- as on 09.03.2020.

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## Issues and analysis

### Issue 1: Whether the petition filed by Indiabulls Housing Finance Limited against Mrs. Ritu Chhabria, the …

**Ratio:** The petition is maintainable under Section 95 of the Insolvency & Bankruptcy Code,

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**Reasoning:** The applicant has produced proof of service that the demand notice was delivered to the

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**Interpretation:** Section 95 allows a creditor to initiate insolvency proceedings against a

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**Application:** The applicant, Indiabulls Housing Finance Limited, has fulfilled the

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Indiabulls…
- **Respondents:** Raghuleela…; Ritu Chh…
- **Other parties:** Nitin Om K…
- **Advocates:** Shyam Ka…; Vaibhav K.…

## Timeline

- **2017-03 — Loan Faci…**: Raghuleela Infraventures Private Limited approached Indiabulls Housing Finance Limited…
- **2017-03-14 — Loan Agre…**: Loan Agreement dated March 14, 2017 for an amount of INR 150,00,00,000/- (Loan 1) and INR…

## 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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