Siemens Financial Services filed under Section 95 IBC to initiate insolvency against personal guarantor Deepak Agarwal for a default of ₹5.00 crore.
The National Company Law Tribunal admitted the application, appointing a resolution professional and imposing a 180-day moratorium on the guarantor.
The guarantor was directed to deposit ₹2,00,000 for the RP's fees and must cooperate in preparing a repayment plan with creditors.