# Siemens Financial Services Private Limited vs. Rasik Khandelwal

> NCLT judgment dated 2026-10-09. Citation: TCN-2026-NCLT-01246. Siemens Financial Services Private Limited (Financial Creditor) filed an application under…

- **Court:** NCLT
- **Order date:** 9 Oct 2026
- **Citation:** TCN-2026-NCLT-01246
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/siemens-financial-services-private-limited-vs-rasik-kha-ncxc5

## Summary

### Background

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.

## Facts

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.

…

## Issues and analysis

### Issue 1: Whether the application for initiating Personal Insolvency Resolution Process (PIRP) against the …

**Ratio:** The existence of acknowledged repayment schedules and the declaration of NPA establish a

…

**Reasoning:** The Financial Creditor submitted that repayment schedules for all four loan facilities

…

**Interpretation:** A 'default' under the Code occurs when a debtor fails to pay a debt on the due

…

**Application:** The Tribunal found that the repayment schedules were clear, and the NPA

…

## Parties

- **Judges:** Sh. Praveen…; Sh. Ashish…
- **Appellants:** Siemens Financial…
- **Respondents:** Rasik Products…; Rasik Khan…
- **Other parties:** Amit…
- **Advocates:** Sh. Shubham Kumar…; Sh. Vivek Kumar…; +1 more

## Timeline

- **2022-01-31 — Loan Sanction and…**: Secured Loan 1 (Rs. 3,65,11,956/-) and Secured Loan 2 (Rs. 84,88,404/-) sanctioned;…
- **2022-09-22 — Loan Sanction and…**: Secured Loan 3 facility of Rs. 1,30,00,000/- sanctioned; Finance Agreement A9874677…

## 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)

---

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-allahabad/siemens-financial-services-private-limited-vs-rasik-kha-ncxc5