# In the matter of Corporation Bank Vs. Uluberia Metaliks Pvt. Ltd. CA(AT)(Ins)No. 461 of 2020

> NCLAT judgment dated 2020-06-02. Citation: TCN-2020-NCLAT-00247. The appeal was filed by Corporation Bank against the dismissal of its application under…

- **Court:** NCLAT
- **Order date:** 2 Jun 2020
- **Citation:** TCN-2020-NCLAT-00247
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/corporation-bank-vs-uluberia-metaliks-pvt-ltd-ca-99290d6a

## Summary

### Background

The appeal was filed by Corporation Bank against the dismissal of its application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was dismissed on the basis that the claim was time-barred. The account had become NPA on 14.08.2012, and the application under Section 7 of IBC was filed on 20.12.2018.

## Facts

Corporation Bank filed an appeal against the dismissal of its application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was filed as a Financial Creditor against Uluberia Metaliks Pvt. Ltd., the Corporate Debtor. The account of the Corporate Debtor had become NPA on 14.08.2012, and the application under Section 7 of IBC was filed on 20.12.2018. The application was dismissed by the Adjudicating Authority on the basis that the claim was time-barred. The appellant argued that the execution of mortgage would help in extending the period of limitation. The Adjudicating Authority observed that the Limitation Act is applicable to applications filed under Section 7 and 9 of the Code from the inception of the Code, and Article 137 of the

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 is barred by …

**Ratio:** The law of limitation is applicable to applications filed under Section 7 of the

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**Reasoning:** The court relied on the Hon'ble Supreme Court's judgment in B.K. Educational Services

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**Interpretation:** The Limitation Act applies to applications filed under Section 7 of the IBC.

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**Application:** In this case, the account became NPA on 14.08.2012, and the application under

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## Parties

- **Judges:** A.I.S. C…; Alok Sriv…
- **Appellants:** Corporatio…
- **Respondents:** Uluberia Metaliks…

## Timeline

- **2012-08-14 — Account beco…**: The account of Uluberia Metaliks Pvt.…
- **2018-12-20 — Application under…**: Corporation Bank filed an application under Section 7 of the Insolvency and Bankruptcy…

## 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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