Siemens Financial Services Private Limited (Financial Creditor) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Mr. Rasik Khandelwal (Personal Guarantor) to initiate the Personal Insolvency Resolution Process (PIRP). Mr. Khandelwal had provided a personal guarantee for secured loan facilities aggregating to Rs. 6.50 crores availed by the Corporate Debtor, Rasik Products Private Limited. The Corporate Debtor defaulted on these loans, leading to its account being declared a Non-Performing Asset (NPA) on 14.12.2023. The Financial Creditor invoked the personal guarantee and issued a demand notice, but the outstanding debt of Rs. 3,81,04,993/- remained unpaid.
An application was filed on 19.04.2024 under Section 95 of the IBC by Siemens Financial Services Private Limited (Applicant/Financial Creditor) against Mr. Rasik Khandelwal (Respondent/Personal Guarantor).
The application seeks to initiate the Personal Insolvency Resolution Process (PIRP) against Mr. Rasik Khandelwal, who is the Personal Guarantor to the Corporate Debtor, Rasik Products Private Limited.
The date of default, as mentioned in Part-III of the Petition, is 14.12.2023.
The debt particulars in the present case amount to Rs. 3,81,04,993/-.
The default is continuing from September 2023, and the Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 14.12.2023.
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Secured Loan 1 (Rs. 3,65,11,956/-) and…
Secured Loan 3 facility of Rs. 1,30,00,000/-…
Siemens Financial Services Private Limited (Financial Creditor) filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Mr. Rasik Khandelwal (Personal Guarantor) to initiate the Personal Insolvency Resolution Process (PIRP). Mr. Khandelwal had provided a personal guarantee for secured loan facilities aggregating to Rs. 6.50 crores availed by the Corporate Debtor, Rasik Products Private Limited. The Corporate Debtor defaulted on these loans, leading to its account being declared a Non-Performing Asset (NPA) on 14.12.2023. The Financial Creditor invoked the personal guarantee and issued a demand notice, but the outstanding debt of Rs. 3,81,04,993/- remained unpaid.
An application was filed on 19.04.2024 under Section 95 of the IBC by Siemens Financial Services Private Limited (Applicant/Financial Creditor) against Mr. Rasik Khandelwal (Respondent/Personal Guarantor).
The application seeks to initiate the Personal Insolvency Resolution Process (PIRP) against Mr. Rasik Khandelwal, who is the Personal Guarantor to the Corporate Debtor, Rasik Products Private Limited.
The date of default, as mentioned in Part-III of the Petition, is 14.12.2023.
The debt particulars in the present case amount to Rs. 3,81,04,993/-.
The default is continuing from September 2023, and the Corporate Debtor's account was declared a Non-Performing Asset (NPA) on 14.12.2023.
…Secured Loan 1 (Rs. 3,65,11,956/-) and…
Secured Loan 3 facility of Rs. 1,30,00,000/-…