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NATIONAL COMPANY LAW TRIBUNAL INDORE BENCH COURT NO. 1 ITEM No.204 C.P.(IB)/7(MP)2022 Order under Section 95 IBC IN THE MATTER OF:

Toyota Financial Services India Ltd ........Applicant V/s Vidhi Rajpal ........Respondent Coram:

Hon’ble Shri Brajendra Mani Tripathi, Member (J)

Hon’ble Shri Man Mohan Gupta Member (T)

PRONOUNCEMENT OF ORDER Delivered on 10/09/2026 The case is fixed for pronouncement of the order.

The order is pronounced in open Court vide separate sheet. Sd/- Sd/-

MAN MOHAN GUPTA BRAJENDRA MANI TRIPATHI MEMBER (TECHNICAL) MEMBER (JUDICIAL)

Tomar THE NATIONAL COMPANY LAW TRIBUNAL INDORE BENCH, AT INDORE COMPANY PETITION (IB) NO. 7 OF 2022 (Under Section 95 of the Insolvency and Bankruptcy Code, 2016 read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors)

Rules, 2019)

IN THE MATTER OF:

Toyota Financial Services India Limited, having its Registered Office at:

No. 21, Centropolis, 1st Floor, 5th Cross, Langford Road, Shanti Nagar, Bangalore – 560025 (CIN: U74900KA2011FLC058752) ……. Applicant Versus Ms. Vidhi Rajpal, R/o- 7, Triveni Colony, Indore (M.P.) – 452007;

Also at: 690-A, Tulsi Nagar, Gram Pilpiya Kumar, Tehsil & District Indore, M.P. – 452007 ……. Respondent CORAM:

Shri. Brajendra Mani Tripathi, HON’BLE MEMBER (J)

Shri. Man Mohan Gupta, HON’BLE MEMBER (T)

Order Pronounced on: 10/09/2026 APPEARANCE:

For the Applicant: Mr. Yash Sampat, Adv For the RP : Ms. Ayushi Patidar, PCA For the Respondent : Mr. Nilesh P. Udernani, Adv

JUDGEMENT

1. The present application has been filed under Section 95 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “Code”) read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, by the Applicant, Toyota Financial Services India Limited (CIN: U74900KA2011FLC058752) (hereinafter referred to as “Applicant/Financial Creditor”), through its Authorised Officer Sh. S. Sriram Iyer, for the purpose of initiating insolvency resolution process against Ms. Vidhi Rajpal (hereinafter referred to as “Respondent/Personal Guarantor”), Personal Guarantor of M/s Rajpal Abhikaran Private Limited (hereinafter referred to as “Corporate Debtor”), for default of an amount of Rs. 11,05,55,832/- (as on

26.03.2021) and further amounts that may fall due.

Submissions by the Applicant/Financial Creditor:

The averments made by the Financial Creditor in its Application are summarised hereunder:

2. It is submitted that the present application has been filed through the Applicant's Authorised Officer, Sh. S. Sriram Iyer, in terms of the Letter of Authority dated 24.10.2018 annexed as Annexure A-1.

3. It is submitted that in terms of the Dealer Finance Agreement and Deed of Hypothecation dated 29.05.2015 executed between the Applicant and the Corporate Debtor, M/s Rajpal Abhikaran Private Limited, the following credit facilities were periodically remitted/disbursed and kept at the disposal of the Corporate Debtor: (i) Inventory Funding for New Vehicles, for a maximum limit of Rs. 16,80,00,000/-, disbursed from 29.05.2015; (ii) Inventory Funding for spare parts and accessories, for a maximum limit of Rs. 2,80,00,000/-, disbursed from 10.06.2015; and (iii) Retail Term Loans, comprising a Loan Agreement dated 24.01.2017 with Rajpal Abhikaran for Rs. 8,41,900/-, and Loan Agreements dated 21.12.2013, 13.02.2015 and 18.06.2015 with Shri Rajesh Rajpal for Rs. 1,12,00,000/-, Rs. 15,35,000/- and Rs. 6,39,500/-

respectively. Copy of the sanctioned letters is annexed as Annexure A-2.

4. It is submitted that the Respondent herein stood as personal guarantor for the repayment of the aforesaid loan facility vide Deed of Guarantee dated 02.11.2016, annexed as Annexure A-3. It is further submitted that apart from the Respondent, Mr. Rakesh Rajpal, Mr. Ashok Rajpa