In the matter of Keerthan Kumar Upadhya,

IN THE NATIONAL COMPANY LAW TRIBUNAL DIVISION BENCH (COURT– I) CHENNAI ATTENDANCE CUM ORDER SHEET OF THE HEARING HELD ON 19.03.2025 THROUGH VIDEO CONFERENCING PRESENT: HON’BLE SHRI. SANJIV JAIN, MEMBER (JUDICIAL) HON’BLE SHRI. VENKATARAMAN SUBRAMANIAM, MEMBER (TECHNICAL) APPLICATION NUMBER : PETITION NUMBER : CP(IB)/51(CHE)/2025 NAME OF THE PETITIONER(S) : Keerthan Upadhya(Guarantor) NAME OF THE RESPONDENTS : UNDER SECTION : Sec 94(1) of IBC, 2016 ORDER Present: Ld. Counsel Ms. Ananya for the Petitioner. Vide separate order pronounced in Open Court, the petition is dismissed. File be consigned to records.

Sd/- Sd/- (VENKATARAMAN SUBRAMANIAM) (SANJIV JAIN) MEMBER (TECHNICAL) MEMBER (JUDICIAL) MG

IN THE NATIONAL COMPANY LAW TRIBUNAL, DIVISION BENCH – I, CHENNAI CP(IB)/51(CHE)/2025 (Filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016 read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019) Mr. Keerthan Kumar Upadhya 7 – 116 E(2) Sri Raksha, Sri Mahalingeshwara Temple Road, Herga, Udupi, Parkala, Udupi (Dt.), Karnataka – 576 107 ...Applicant/Guarantor

Order pronounced on 19th March, 2025

CORAM: SANJIV JAIN, MEMBER (JUDICIAL) VENKATARAMAN SUBRAMANIAN, MEMBER (TECHNICAL) Present: For Petitioner: Sahaya Sukuna, Advocate

(Hearing Conducted through Video Conferencing)

This Application has been filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016 ('Code'/ 'IBC') read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating

Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtor) Rules, 2019 ('Rules') by the Applicant/ Personal

Guarantor Mr. Keerthan Kumar Upadhya. The prayer made is to CP(IB)/51/(CHE)2025 In the matter of Keerthan Kumar Upadhya initiate the Insolvency Resolution Process in respect of Mr. Keerthan

Kumar Upadhya, being the Personal Guarantor for SKV United

Hospitals Limited.

2. As per the averments made in the application, SKV United

Hospitals Limited had taken credit facilities from Shreem Hreem

Shreem Holdings. The Applicant herein had given personal guarantee to the said loans. The Corporate Debtor failed to repay the debts and in pursuance of which the present application has been filed.

3. In Part-III of the application, the Applicant has given the particulars of total debt, amount of debt in default, date when the debt was due, and date when the default occurred. The Part III, as provided, is extracted here below:

CP(IB)/51/(CHE)2025 In the matter of Keerthan Kumar Upadhya

4. The Applicant has annexed the deed of personal guarantee document and letter invoking guarantee dated 15.09.2024 at Pages 241-

245.

5. In the present case it is observed that, the corporate Debtor had taken loan amount of Rs.75,00,000/-(Seventy Five Lakhs) and the Applicant herein provided personal guarantee to the loan amount. It is observed from the letter invoking guarantee sent by the Creditor that CP(IB)/51/(CHE)2025 In the matter of Keerthan Kumar Upadhya the Creditor has demanded the amount of Rs.75,00,000/- (Seventy-Five

Lakhs Only), which is less than the threshold limit of Rs.1 Crore.

6. The IBC, Code classifies individuals into three classes – personal guarantors to CDs, partnership firms and proprietorship firms, and other individuals, to enable the implementation of individual insolvency in a phased manner. The Central Government, vide a notification dated 15.11.2019, appointed 1st December, 2019 as the date of commencement of the provisions of the Code relating to personal guarantors to Corporate Debtor. Thus, it goes without saying that, the threshold limit to invoke Section 94, 95 of IBC, 2016, shall be same as is with respect to the corporate debtor under section 4 of the IBC,2016 i.e.

1 crore. In the present case, the defaulted amount is less than 1 Crore.

Therefore, the Applicant does not meet the threshold limit of Rs 1

Crore to maintain this application under Section 94 of IBC, 2016.

7. Further it is observed that, as per Rule 6(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency

Resolution Process for Personal Guarantors to Corporate Debtors)

Rules, 2019, the Applicant has not sent notice to all the financial

CP(IB)/51/(CHE)2025 In the matter of Keerthan Kumar Upadhya creditors and the corporate Debtor to whom the Applicant is the personal guarantor.

8. On the above said grounds, CP(IB)/51(CHE)/2025 stands dismissed.

9. File be consigned to records.

-Sd- -Sd- - VENKATARAMAN SUBRAMANIAM SANJIV JAIN MEMBER (TECHNICAL) MEMBER (JUDICIAL) Kishore P

CP(IB)/51/(CHE)2025 In the matter of Keerthan Kumar Upadhya