# In the matter of Deepakk Kumar
Director of M/s Sovereign
Infrastructure & Developers Ltd Vs. M/s Phoenix ARC Pvt. Ltd. and Ors. Review Application No. 09 of 2020
in
CA (AT)(Insolvency) No. 848 of 2019

> NCLAT judgment dated 2020-09-17. Citation: TCN-2020-NCLAT-00118. This is a review application filed against the judgment dated 05.03.2020 in Company Appeal…

- **Court:** NCLAT
- **Order date:** 17 Sept 2020
- **Citation:** TCN-2020-NCLAT-00118
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/deepakk-kumar-director-of-ms-sovereign-infrastructure-developers-ltd-vs-ms-phoen-de8b1f7a

## Summary

### Background

This is a review application filed against the judgment dated 05.03.2020 in Company Appeal (AT)(Insolvency) No. 848 of 2019. The applicant seeks a review based on an alleged error apparent on the face of the record. The core issue revolves around the date of default and whether the application under Section 7 of the Insolvency and Bankruptcy Code (IBC) was filed within the limitation period. The applicant contends that the original date of default was November 2012, and the application was filed beyond the three-year limitation period. The Tribunal had previously held that the application was within the limitation period, relying on an acknowledgment of debt from a subsequent date.

## Facts

Deepakk Kumar, Director of M/s Sovereign Infrastructure & Developers Ltd., filed a review application against the judgment dated 05.03.2020 in Company Appeal (AT)(Insolvency) No. 848 of 2019. The appeal was originally filed by Phoenix ARC Pvt. Ltd. (Trustee of Phoenix Trust FY 16-15 Scheme B) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The applicant contends that the application under Section 7 was filed beyond the period of limitation. The original date of default was November 2012, and the application was filed on 05.09.2018, which is beyond the three-year limitation period. The Tribunal had previously held that the application was within the limitation period, relying on an acknowledgment of debt from a subsequent date, specifically 9.6.2016,

…

## Issues and analysis

### Issue 1: Whether the Tribunal erred in considering the acknowledgment of debt as extending the limitation …

**Ratio:** The signing of a new loan agreement or an assignment agreement beyond the period of three

…

**Reasoning:** The Tribunal considered the arguments of the applicant and the legal precedents cited.

…

**Interpretation:** The interpretation of the law is that an acknowledgment of debt must be within

…

**Application:** The Tribunal found that the acknowledgment of debt relied upon by the original

…

## Parties

- **Judges:** Venugop…; V. P. S…; +1 more
- **Appellants:** Deepakk…
- **Respondents:** M/s Phoenix ARC…
- **Advocates:** Dilip S…; Suresh Dutt…; +2 more

## Timeline

- **2012-11-01 — Date of D…**: The applicant contends that the original…
- **2016-06-09 — Acceptance of Loan…**: An ‘Acceptance of Loan Assignment Agreement' was signed with a new loan agreement for…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/deepakk-kumar-director-of-ms-sovereign-infrastructure-developers-ltd-vs-ms-phoen-de8b1f7a