# In the matter of Anubhav Anilkumar Agarwal Vs. Bank of India and Anr. CA(AT)(Ins) No. 1504 of 2019

> NCLAT judgment dated 2020-02-07. Citation: TCN-2020-NCLAT-00428. The case involves an appeal against an order dated 26th November 2019, passed by the…

- **Court:** NCLAT
- **Order date:** 7 Feb 2020
- **Citation:** TCN-2020-NCLAT-00428
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/anubhav-anilkumar-agarwal-vs-bank-of-india-and-anr-ca-e748ccf6

## Summary

### Background

The case involves an appeal against an order dated 26th November 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which initiated the Corporate Insolvency Resolution Process (CIRP) against RNA Corp. Pvt. Ltd. The appellant, Anubhav Anilkumar Agarwal, challenged the order primarily on the grounds that the application under Section 7 of the Insolvency and Bankruptcy Code (I&B Code) was barred by limitation and that Bank of India had already moved a second application under Section 7 for the same claim against Chamber Constructions Pvt. Ltd., the guarantor.

## Facts

Bank of India granted a Corporate Term Loan of Rs.75,00,00,000/- to RNA Corp. Pvt. Ltd. ('Corporate Debtor') vide Sanction Letter dated 24/10/2013. The amount was disbursed to the Corporate Debtor. A Deed of Guarantee was entered into dated 29th October, 2013 and 9th December, 2013. Registered mortgage deeds were also executed on 29th October 2013, 10th December 2013 and 16th December 2013. The Corporate Debtor was declared a Non-Performing Asset (NPA) on 31st December, 2014. The principal outstanding amount as on 10/02/2019 was Rs.40,58,23,360.83/-, with interest of Rs.34,81,43,071.74/-, penal interest of Rs.5,30,37,157.27/-, and other legal expenses of Rs.3,72,775.00/-, totaling Rs.80,73,76,364.84/-. The Corporate Debtor, in a letter dated 18th March 2016,

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## Issues and analysis

### Issue 1: Whether the Application under Section 7 of …

**Ratio:** The period of limitation is to be counted from the date of default/NPA. However, the date

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**Reasoning:** The court considered the letter dated 18th March 2016, written by the Corporate Debtor to

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**Interpretation:** Section 18 of the Limitation Act allows for the extension of the limitation

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**Application:** The court applied the principle of Section 18 of the Limitation Act to the

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## Parties

- **Judges:** S.J. Mukhop…; Shreesha…
- **Appellants:** Anubhav Anilkumar…
- **Respondents:** RNA Corp. Pvt.…; Bank of…

## Timeline

- **2013-10-24 — Sanction…**: Bank of India granted a Corporate Term Loan of…
- **2013-10-29 — Deed of Gua…**: Deed of Guarantee…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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