# In the matter of Equentia Financial Services Pvt. Ltd. vs. Puneet Singh Jaggi

> Read the full IBC case summary for In the matter of Equentia Financial Services Pvt. Ltd. vs. Puneet Singh Jaggi. NCLT judgment dated 2025-10-13. Citation:…

- **Court:** NCLT
- **Order date:** 13 Oct 2025
- **Citation:** TCN-2025-NCLT-01611
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/equentia-financial-services-pvt-ltd-vs-puneet-singh-jaggi-b4a37720

## Summary

### Background

The case involves a Company Petition filed by Equentia Financial Service Private Limited (Financial Creditor) under Section 95(1) of the IBC, 2016, seeking to initiate an Insolvency Resolution Process against Puneet Singh Jaggi, a personal guarantor to Gensol Engineering Limited (Corporate Debtor). The Financial Creditor claims a default amount of Rs. 9,91,39,155 based on a Deed of Guarantee dated August 22, 2023.

## Facts

Equentia Financial Service Private Limited (Financial Creditor) filed a Company Petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. Puneet Singh Jaggi, a personal guarantor to Gensol Engineering Limited (Corporate Debtor). The petition sought to initiate an Insolvency Resolution Process for a default amount of Rs. 9,91,39,155, based on a Deed of Guarantee dated August 22, 2023. The Financial Creditor had granted a purchase invoice discounting facility of Rs. 15,00,00,000 to Gensol Engineering Limited on August 22, 2023, which was secured by personal guarantees from Mr. Puneet Singh Jaggi and Mr. Anmol Singh Jaggi.

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## Issues and analysis

### Issue 1: Whether there is an existence of financial…

**Ratio:** The existence of financial debt and default by the corporate debtor, triggering the…

**Reasoning:** The Tribunal found that the Facility Agreement, Guarantee Deed, NeSL Certificate, Loan…

**Interpretation:** The court interpreted the various financial documents and communications to…

**Application:** The court applied the evidence to conclude that the Personal Guarantor's…

## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Advocates:** Nisha…; Arjun Pad…; +1 more

## Timeline

- **August 22, 2023 — Sanction Letter and…**: Equentia Financial Service Pvt. Ltd. granted a purchase invoice discounting facility of…
- **March 4, 2024 — Facility Agreement…**: The facility agreement was amended…

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