# In the matter of G. Balasubramaniam vs. Indian Overseas Bank & Ors. Company Appeal (AT) (CH) (INS.) No. 139 of 2022

> NCLAT judgment dated 2023-04-25. Citation: TCN-2023-NCLAT-00820. The 'Appellant' / `Promoter' of the 'Corporate Debtor' ('M/s. GBJ Hotels Pvt. Ltd.') filed an…

- **Court:** NCLAT
- **Order date:** 25 Apr 2023
- **Citation:** TCN-2023-NCLAT-00820
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-chennai/g-balasubramaniam-vs-indian-overseas-bank-ors-company-appeal-9ecb3bd8

## Summary

### Background

The 'Appellant' / `Promoter' of the 'Corporate Debtor' ('M/s. GBJ Hotels Pvt. Ltd.') filed an appeal against the order dated 19.04.2022 passed by the 'Adjudicating Authority' ('National Company Law Tribunal', Division Bench – I, Chennai), which admitted the application filed by the `1st Respondent / Bank / Financial Creditor / Petitioner' under Section 7 of the I & B Code, 2016.

## Facts

The Corporate Debtor admitted its liability based on the OTS 18.12.2021.

The Loan Account of the Corporate Debtor was declared NPA on 01/06/2019.

The Financial Creditor filed an application under Section 7 of IBC, 2016 before the Tribunal on 27/10/2021.

The Financial Creditor had requested the Corporate Debtor to increase the OTS amount.

The Corporate Debtor was banking solely with the Financial Creditor.

The main CP (IB) / 279 / IB / 2021, filed by the 1st Respondent / Bank', is `barred by time', because the initiation date was only 18.11.2021.

…

## Issues and analysis

### Issue 1: Whether the application filed by the …

**Ratio:** The application was filed

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**Reasoning:** The 'Corporate Debtor's Loan Account', was declared as 'NPA', on 01.06.2019'. As such,

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**Interpretation:** The limitation period starts

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**Application:** The application was filed within the limitation period as the default occurred

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## Parties

- **Judges:** M. Venu…; Naresh Sa…
- **Appellants:** G. Balasubr…
- **Respondents:** GBJ HOTELS…; Indian Overseas…; +1 more
- **Advocates:** M.L. Ga…; A.G. Sathyanarayan…

## Timeline

- **19.04.2022 — Order Da…**: Order passed by the `Adjudicating Authority' ('National Company Law Tribunal', Division…
- **01.06.2019 — NPA Date…**: The Loan Account of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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