# In the matter of Siemens Financial Services Pvt Ltd Vs. Smitha Ajith, CP (IB)/12/KOB/2021

> NCLT judgment dated 2022-06-17. Citation: TCN-2022-NCLT-02197. The case involves applications filed by Siemens Financial Services Private Limited under…

- **Court:** NCLT
- **Order date:** 17 Jun 2022
- **Citation:** TCN-2022-NCLT-02197
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/siemens-financial-services-pvt-ltd-vs-smitha-ajith-cp-a2a84fc3

## Summary

### Background

The case involves applications filed by Siemens Financial Services Private Limited under Section 95(1) 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, against Mr. C.V. Paulson and Mrs. Smitha Ajith, who are personal guarantors to the Corporate Debtor, Ceevees Imaging and Healthcare Research Private Limited. The corporate debtor availed credit facilities from Siemens Financial Services Private Limited, defaulted on payments, and the creditor invoked the personal guarantees. The respondents argued that no CIRP or liquidation proceedings were pending against the corporate debtor, which they

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## Facts

Siemens Financial Services Private Limited (the Creditor) filed applications under Section 95(1) of the Insolvency and Bankruptcy Code, 2016 (IBC) against Mr. C.V. Paulson and Mrs. Smitha Ajith (the Respondents), who are personal guarantors to Ceevees Imaging and Healthcare Research Private Limited (the Corporate Debtor). The Corporate Debtor availed credit facilities of Rs. 4,86,00,000/- from the Creditor for the purchase of Siemens refurbished Biograph 6 Tru Point Eco + First Syngo MM workplace. The loan agreement was executed on 24.11.2016, with a repayment period of 66 months. The Respondents executed personal guarantees to the Corporate Debtor with a guarantee agreement on 24.11.2016. The accounts of the Corporate Debtor became Non-Performing Assets (NPA) on

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## Issues and analysis

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

**Ratio:** The ratio is based on the interpretation of Section 95 of the IBC, which allows a

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**Reasoning:** The Tribunal relied on the judgment of the Hon'ble NCLAT in State Bank of India v.

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**Interpretation:** Section 95 of the IBC is interpreted to allow creditors to pursue insolvency

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**Application:** The Tribunal applied the ratio and reasoning to the facts of the case, noting

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## Parties

- **Judges:** Ashok Kumar…; Anil Ku…
- **Appellants:** Siemens Financial…
- **Respondents:** Ceevees Imaging…; C. V. Pa…

## Timeline

- **2016-04-18 — Sanction Lett…**: Sanction letter issued…
- **2016-11-24 — Loan Agreeme…**: Loan agreement executed between the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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