# In the matter of Indian Bank vs. Kushan Nandy

> NCLT judgment dated 2025-11-07. Citation: TCN-2025-NCLT-01737. Indian Bank, through Resolution Professional Ms. Aakriti Sood, filed a petition under Section…

- **Court:** NCLT
- **Order date:** 7 Nov 2025
- **Citation:** TCN-2025-NCLT-01737
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/indian-bank-vs-kushan-nandy-a6cd6084

## Summary

### Background

Indian Bank, through Resolution Professional Ms. Aakriti Sood, filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, r/w Rule 7(2) of the Insolvency and Bankruptcy Rules, 2019, to initiate insolvency resolution process against Kushan Nandy, the personal guarantor to a corporate debtor.

## Facts

The petition was filed on 25.1.2024 under Section 95(1) of the Insolvency and Bankruptcy Code, 2016.

Indian Bank, the applicant, is a banking company formed under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970.

Kushan Nandy is a Director of M/s Kushan Nandy & Kiran Shroff Pictures Private Limited and executed a Deed of Guarantee in favor of Indian Bank.

M/s Kushan Nandy & Kiran Shroff Pictures Private Limited availed a term loan facility of ₹4 crores from Indian Bank on 23rd November 2015.

The loan account was classified as NPA on 20th March 2018, and a demand notice was issued on 21st March 2018 under Section 13(2) of the SARFAESI Act, 2002.

The total outstanding debt including interest is Rs. 9,92,73,378/- as on 31.01.2023.

…

## Issues and analysis

### Issue 1: Whether the present Company Petition is maintainable without initiation of CIRP against the …

**Ratio:** The Hon'ble Supreme Court in State Bank of India v. Mahendra Kumar Jajodia, 2022 SCC

…

**Reasoning:** The Tribunal relied on the Supreme Court's judgment and clarified that the liability of a

…

**Interpretation:** The initiation of CIRP against the corporate debtor is not a prerequisite for

…

**Application:** The Tribunal rejected the Respondent's contention that the petition was not

…

## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Indian…
- **Respondents:** Kushan Nandy &…; Kushan…; +1 more
- **Other parties:** Aakriti…

## Timeline

- **2015-11-23 — Loan Agre…**: M/s Kushan Nandy & Kiran Shroff Pictures Private Limited availed a term loan facility of…
- **2017-02-07 — Additiona…**: Creditor sanctioned an…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-mumbai/indian-bank-vs-kushan-nandy-a6cd6084