# In the matter of Siemens Financial Services Private Limited vs. Ravi Kumar Jain

> NCLT judgment dated 2025-07-04. Citation: TCN-2025-NCLT-00834. Siemens Financial Services Private Limited (SFSPL) filed a petition under Section 95 of the…

- **Court:** NCLT
- **Order date:** 4 Jul 2025
- **Citation:** TCN-2025-NCLT-00834
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/siemens-financial-services-private-limited-vs-ravi-kumar-jain-1e5c5549

## Summary

### Background

Siemens Financial Services Private Limited (SFSPL) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Personal Insolvency Resolution Process (PIRP) against Ravi Kumar Jain, the Personal Guarantor, due to default in lease rentals by RCC Infraventures Ltd., where Ravi Kumar Jain was a director.

## Facts

Siemens Financial Services Private Limited (SFSPL) filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Personal Insolvency Resolution Process (PIRP) against Ravi Kumar Jain, the Personal Guarantor.

The Corporate Debtor, RCC Infraventures Ltd., defaulted in repaying the lease rentals.

SFSPL issued a Legal Notice dated 07.12.2020 for termination of the lease facility and invocation of Arbitration under the Master Lease Agreement dated 28.05.2019 and Demand Notice dated 11.12.2020.

The RP filed a report recommending acceptance of the petition.

…

## Issues and analysis

### Issue 1: Whether the Demand Notice issued under Rule 7(1) of the 2019 Rules can be considered as Notice for …

**Ratio:** The Hon'ble NCLAT in the case of State Bank of India vs Mr. Deepak Kumar Singhania,

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**Reasoning:** The above-mentioned clauses clearly show that in order to invoke the Guarantee of the

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**Interpretation:** The court interpreted that the demand notice under Rule 7(1) must contemplate

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**Application:** In the present case, no notice for invocation of the personal guarantee of the

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## Parties

- **Judges:** Harnam Singh…; SHISHIR A…
- **Appellants:** Sangita N…
- **Respondents:** RCC Infraventures…; Ravi Kuma…; +3 more
- **Other parties:** Gulshan Kumar…
- **Advocates:** Sanjeev K…; Raj Kumar…; +8 more

## Timeline

- **2019-05-21 — Master Lease A…**: The Corporate Debtor approached SFSPL for a lease facility of equipment and entered into…
- **2020-12-07 — Legal No…**: SFSPL issued a Legal Notice dated 07.12.2020 for termination of the lease facility and…

## 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)

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