# In the matter of Devanathan Ranganathan Vs. IDBI Bank Limited & Anr. CA(AT)(Insolvency) No. 507-2019

> NCLAT judgment dated 2019-05-23. Citation: TCN-2019-NCLAT-00536. The appeal was filed by Mr. Devanathan Ranganathan against the order dated 25th February,…

- **Court:** NCLAT
- **Order date:** 23 May 2019
- **Citation:** TCN-2019-NCLAT-00536
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/devanathan-ranganathan-vs-idbi-bank-limited-anr-ca-1b63cfe1

## Summary

### Background

The appeal was filed by Mr. Devanathan Ranganathan against the order dated 25th February, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai, which admitted the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 filed by M/s. IDBI Bank Limited. The appellant argued that the claim of the bank and the date of default were barred by limitation.

## Facts

Mr. Devanathan Ranganathan filed an appeal against the order dated 25th February, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Division Bench, Chennai. The Adjudicating Authority had admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by IDBI Bank Limited. The appellant contended that the claim of the bank and the date of default were barred by limitation. The loan amount of the Corporate Debtor was classified as Non-Performing Assets (NPA) on 30th June, 2015, according to Reserve Bank of India guidelines. The Corporate Debtor did not repay the amount, and a recall notice was sent on 13th November, 2015. The application under Section 7 was filed on 24th October, 2018. The court considered the

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## Issues and analysis

### Issue 1: Whether the claim of the Bank and the date …

**Ratio:** The ratio is that the application under Section 7 of the Insolvency and Bankruptcy Code

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**Reasoning:** The court reasoned that the 'I&B Code' came into force on 1st December, 2016, and the

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**Interpretation:** The interpretation is that the limitation period for an application under

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**Application:** The court applied the ratio and reasoning to the facts of the case, noting that

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +1 more
- **Appellants:** Devanathan…
- **Respondents:** IDBI Bank L…

## Timeline

- **2015-06-30 — Loan classifie…**: The loan amount of the Corporate Debtor was classified as Non-Performing Assets (NPA) on…
- **2015-11-13 — Recall N…**: Recall notice dated 13th November, 2015…

## 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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