# 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-04871. 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-04871
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/indiabulls-housing-finance-vs-ritu-chhabria-cp-968cc969

## 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 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 claim amount is Rs. 146,68,83,834/-.

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

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.

Mrs. Ritu Chhabria executed a Deed of Personal Guarantee on 14.03.2017.

## Issues and analysis

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

**Ratio:** Based on the submissions and documents, the Bench found a 'default' on the part of the

…

**Reasoning:** The Personal Guarantor did not fulfill the debt owed to the Corporate Debtor, Raghuleela

…

**Interpretation:** The Bench interpreted the provisions of Section 95 of the IBC and Rule 7(2) of

…

**Application:** The provisions were applied to the facts of the case, considering the Deed of

…

## 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 — Deed of Gua…**: Mrs. Ritu Chhabria executed a…

## 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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