IN THE NATIONAL COMPANY LAW TRIBUNAL

DIVISION BENCH–I, CHENNAI

ATTENDANCE CUM ORDER SHEET OF THE HEARING

HELD ON 05.06.2026 THROUGH VIDEO CONFERENCING

CORAM: HON’BLE SHRI. SANJIV JAIN, MEMBER (JUDICIAL)

HON’BLE SHRI. VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL)

IN THE MATTER OF : Indian Bank

Vs

S P Bhooma

MAIN PETITION NUMBER : CP(IB)/219(CHE)/2024

(IA/MA) APPLICATION NUMBERS

IA(IBC)/2398(CHE)2024

ORDER

Present: Ms. K. Varshini, Ld. Counsel for the Petitioner.

Shri. Bharadwajramasubramanian, Ld. Counsel for the Respondent/Personal Guarantor.

Vide common order pronounced in the Open Court, the report of the IRP is taken on record. Petition under Section 95 is admitted.

Insolvency proceedings is initiated against the Personal Guarantor, S.P. Bhooma and Shri. Madhu Desikan, is appointed as the IRP.

IA(IBC)/2398(CHE)/2024 disposed of.

Sd/- Sd/-

[VENKATARAMAN SUBRAMANIAM] [SANJIV JAIN]

MEMBER (TECHNICAL) MEMBER (JUDICIAL)

COMMON ORDER

(Heard through Video Conferencing)

1. This petition CP(IB)/219(CHE)/2024 under Section 95 of IBC, 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 has been filed by the Indian Bank, Stressed Asset Management Branch, Chennai (“Financial Creditor”) against S.P. Bhooma (“Personal Guarantor”) who stood guarantee for the loan facilities availed by the Corporate Debtor, Indalloys & Extrusion Pvt. Ltd. The prayer made in the petition is to initiate insolvency resolution process against the Personal Guarantor.

2. Part-I of the petition sets out the details of the Petitioner, Indian Bank. It was incorporated on 15.08.1907 and its business address is SAMB, Zonal Office Building, No. 55, 2nd Floor, Ethiraj Salai, Egmore, Chennai-600 008.

3. Part-II of the petition sets out the details of the Personal Guarantor, Mrs. S.P. Bhooma. She has been living at No.70, ARK Shanmugam Salai, K.K. Nagar, Chennai-600 078.

4. Part-III of the petition sets out the particulars of debt, amount in default and the date of default. The amount of debt is stated as Rs.15.69 Crores as on 11.02.2009 and Rs. 32.62 Crores as on 22.07.2024 and date of default is stated as 30.04.2009.

5. In Part-IV of the petition, the Petitioner has proposed the name of Mr. Madhu Desikan as the Resolution Professional for conducting the insolvency process against the Personal Guarantor. The Petitioner has attached the documents details mentioned at page 19 of the petition which include statement of accounts as per R.C. 224/2021 in O.A. No. 57/2011 showing the closing balance of Rs. 32,61,85,318.37.

6. As per the averments made in the petition, the Corporate Debtor Indalloys & Extrusion Private Limited had availed the credit facilities from the Petitioner in the form of OCC for Rs.8.00 Crores, Term Loan for Rs.2.06 Crores and LC for Rs.6.00 Crores. It executed various loan documents for the security of the loans. The Respondent/Personal Guarantor also extended Guarantee by executing an Agreement of Guarantee dated 12.03.2008. The Corporate Debtor and the Guarantors defaulted in repayment of the loan facilities which made the Petitioner file the recovery suit before the DRT vide O.A. No. 57/2011. The DRT, Chennai vide its order dated 23.10.2019 which was amended on 26.02.2021, allowed the claim of the Petitioner and held that the Petitioner is entitled to a Recovery Certificate for a sum of Rs.15,68,88,928.99 together with interest. In the above suit, the Corporate Debtor had filed a counter claim being the Claim No. 1 of 2011 which was dismissed by the DRT. The Petitioner was issued Recovery Certificate vide R.C. No.224/2022 on 27.07.2021 entitling the Petitioner to recover a sum of Rs.15,68,88,928.99 with interest @ 8% per annum.

7. It is stated that the Petitioner realized a sum of Rs.5,51,40,000/- from and out of the sale proceeds of the secured assets which amount was given credit on 26.02.2021. It is stated that the Petitioner