# In the matter of State Bank of India Vs. Mayank Garg, CP (IB) No. 330(ND)/2022

> NCLT judgment dated 2022-06-10. Citation: TCN-2022-NCLT-04670. State Bank of India filed an application under Section 95 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 10 Jun 2022
- **Citation:** TCN-2022-NCLT-04670
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/state-bank-of-india-vs-mayank-garg-cp-1caa8519

## Summary

### Background

State Bank of India filed an application under Section 95 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Insolvency Resolution Process against Mr. Mayank Garg, the Personal Guarantor of M/s Alupan Composite Panels Pvt. Ltd.

## Facts

State Bank of India filed an application under Section 95 of the IBC against Mr. Mayank Garg.

Mr. Mayank Garg is the Personal Guarantor of M/s Alupan Composite Panels Pvt. Ltd.

The court issued a limited notice to the Respondent/Personal Guarantor vide order dated 11.05.2022.

An interim-moratorium commenced as stipulated under Section 96 (1) (a) of the IBC.

Mr. Vivek Parti was appointed as the Resolution Professional.

The matter was listed on 21.07.2022.

## Issues and analysis

### Issue 1: Whether the application filed by State Bank of India …

**Ratio:** Section 95 of the IBC allows a creditor to file an application for initiating the

…

**Reasoning:** The application was filed by State Bank of India, a creditor, against Mr. Mayank Garg,

…

**Interpretation:** The court interpreted Section 95 to

…

**Application:** The court considered the application and proceeded with the appointment of a

…

## Parties

- **Judges:** ABNI RANJAN KUMAR…; HEMANT KUMAR…
- **Appellants:** State Bank of…
- **Respondents:** M/s Alupan…; Mayank…
- **Other parties:** Vivek P…
- **Advocates:** Ankur M…; Meera M…; +2 more

## Timeline

- **2022-05-11 — Limited Notic…**: Limited Notice was issued to the Respondent/Personal Guarantor vide order dated…
- **2022-06-03 — IBBI Let…**: IBBI vide letter dt. 3rd June 2022 informed that for the section 97(2) and 98(6) of the…

## 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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