# In the matter of Siemens Financial Services Pvt Ltd. Vs. Vinod Sehwag (IB)-116(ND)2021

> NCLT judgment dated 2021-06-09. Citation: TCN-2021-NCLT-02000. M/s Siemens Financial Services Pvt. Ltd. initiated an insolvency resolution process against Mr.…

- **Court:** NCLT
- **Order date:** 9 Jun 2021
- **Citation:** TCN-2021-NCLT-02000
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/siemens-financial-services-pvt-ltd-vs-vinod-sehwag-b86941bc

## Summary

### Background

M/s Siemens Financial Services Pvt. Ltd. initiated an insolvency resolution process against Mr. Vinod Sehwag, the personal guarantor of Xalta Food & Beverages Pvt Ltd, under Section 95 of the IBC, 2016. The Adjudicating Authority appointed Mr. Amit Ojha as the Resolution Professional and declared an interim moratorium. Mr. Sehwag filed I.A. No. 1744 of 2021 seeking to set aside the order dated 22.03.2021, arguing that the order was passed ex parte without issuing notice to him and that the demand notice was not properly served. The creditor argued that the demand notice was duly served via post and email, and the tracking report confirmed delivery. The applicant contended that the order was passed without issuing notice, violating the principles of natural justice.

## Facts

M/s Siemens Financial Services Pvt. Ltd. (the Creditor) filed an application under Section 95 of the IBC, 2016, to initiate an insolvency resolution process against Mr. Vinod Sehwag, the personal guarantor of Xalta Food & Beverages Pvt Ltd. The Adjudicating Authority appointed Mr. Amit Ojha as the Resolution Professional (RP) and declared an interim moratorium on March 22, 2021. Mr. Sehwag filed an application (I.A. No. 1744 of 2021) seeking to set aside the order, arguing that the order was passed ex parte without issuing notice to him. He also claimed that the demand notice dated October 22, 2020, was not served on him at his correct address. The Creditor contended that the demand notice was served via post and email, and the tracking report showed successful

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## Issues and analysis

### Issue 1: Whether this Adjudicating Authority is bound to issue notice to the Personal Guarantor at the time …

**Ratio:** The ratio is that the Scheme of Insolvency Resolution Process in Chapter III of the IBC,

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**Reasoning:** The court reasoned that the appointment of the RP is a preliminary step to examine the

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**Interpretation:** The interpretation is that the IBC provisions related to the appointment of RP

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**Application:** The court applied this ratio to the facts by noting that the applicant had the

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; L. N. G…
- **Appellants:** Vinod S…
- **Respondents:** Xalta Food &…; M/s Siemens…
- **Advocates:** Abhishek…; Ashwini Kumar…

## Timeline

- **2020-10-22 — Demand N…**: Respondent allegedly issued Demand Notice dated 22.10.2020 in Form B under Rule 7(1) of…
- **2021-03-22 — Order by Adjudicating…**: Adjudicating Authority appointed Mr. Amit Ojha as the Resolution Professional 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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