# In the matter of Siemens Financial Services Private Limited Vs. Harshvardhan P Chedda, CP (IB)/345/MB/2022

> NCLT judgment dated 2023-02-24. Citation: TCN-2023-NCLT-04465. The case pertains to a Company Petition filed by Siemens Financial Services Private Limited…

- **Court:** NCLT
- **Order date:** 24 Feb 2023
- **Citation:** TCN-2023-NCLT-04465
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/siemens-financial-services-private-limited-vs-harshvardhan-p-chedda-cp-5e77974b

## Summary

### Background

The case pertains to a Company Petition filed by Siemens Financial Services Private Limited under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019. The petition seeks to initiate the Insolvency Resolution Process against Mr. Harshvardhan P. Chedda, the Personal Guarantor, for a total outstanding amount of Rs. 3,11,80,722/-. The Corporate Debtor, Prince SWR Systems Private Limited, was admitted into CIRP vide Order of the Tribunal dated 16.04.2021.

## Facts

Siemens Financial Services Private Limited (the Petitioner) filed a Company Petition against Mr. Harshvardhan P. Chedda (the Personal Guarantor) under Section 95 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate the Insolvency Resolution Process. The claim is for a total outstanding amount of Rs. 3,11,80,722/-. The Financial Creditor had sanctioned loan facilities to the borrower, evidenced by sanction letters dated 28.09.2015, 24.02.2017, and 28.08.2017. Finance Agreements dated 28.10.2015, 07.12.2015, and guarantee agreements dated 28.10.2015 and 07.12.2015 were entered into. Further Finance Agreements dated 09.03.2017, 30.03.2017, and 26.09.2017 were also executed. The borrower and the Personal Guarantor failed to adhere to the financial terms and

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## Issues and analysis

### Issue 1: Whether the petition filed by Siemens Financial Services Private Limited under Section 95 of the …

**Ratio:** Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the

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**Reasoning:** The court considered the submissions of the Petitioner and perused the documents on

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**Interpretation:** Section 95 of the IBC allows a creditor to initiate insolvency proceedings

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**Application:** The court applied the provisions of Section 95 of the IBC and Rule 7(2) to the

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## Parties

- **Judges:** H.V. Subb…; Shyam Babu…
- **Appellants:** Siemens Financial…
- **Respondents:** Prince SWR…; Harshvardhan P.…

## Timeline

- **2015-09-28 — Sanction…**: Financial Creditor sanctioned loan…
- **2017-02-24 — Sanction…**: Financial Creditor sanctioned loan…

## 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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