# 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-04877. Indiabulls Housing Finance Limited filed a petition under Section 95 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 29 Apr 2022
- **Citation:** TCN-2022-NCLT-04877
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/indiabulls-housing-finance-vs-ritu-chhabria-cp-3e977b17

## Summary

### Background

Indiabulls Housing Finance Limited filed a petition 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 Debtors) Rules, 2019, seeking to initiate Individual Insolvency Resolution Process against Mrs. Ritu Chhabria, the Personal Guarantor.

## Facts

Indiabulls Housing Finance Limited filed a petition against Mrs. Ritu Chhabria under Section 95 of the IBC.

The total outstanding amount claimed is Rs. 146,68,83,834/-.

Raghuleela Infraventures Private Limited is the Corporate Debtor.

Mrs. Ritu Chhabria is the Personal Guarantor to the loan facilities availed by Raghuleela Infraventures Private Limited.

A demand notice was issued to Mrs. Ritu Chhabria on 07.07.2021.

The Financial Creditor had filed a petition against Raghuleela Infraventures Private Limited, which was admitted on 06.10.2021.

The bench appointed Mr. Nitin Om Kothari as the Resolution Professional.

An interim moratorium was declared as per Section 96(1) of the IBC.

## Issues and analysis

### Issue 1: Whether there is a 'default' on the part of the Personal Guarantor by not fulfilling the debt owed …

**Ratio:** Based on the submissions and documents, the Bench found that there is a 'default' on the

…

**Reasoning:** The Personal Guarantor did not fulfill the debt owed to the Corporate Debtor as per the

…

**Interpretation:** The term 'default' is interpreted in the context of the Deed of Guarantee and

…

**Application:** The Bench applied the definition of 'default' to the facts of the case and

…

## 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…

## 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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