# In the matter of Export-Import Bank of India & Ors. vs. Maneesh Pharmaceuticals Ltd. Company Appeal (AT) (Ins.) No. 579 of 2022

> NCLAT judgment dated 2023-05-09. Citation: TCN-2023-NCLAT-00547. The appeal challenges an order dated 2022-03-25 by the Adjudicating Authority (NCLT, Mumbai…

- **Court:** NCLAT
- **Order date:** 9 May 2023
- **Citation:** TCN-2023-NCLAT-00547
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/export-import-bank-of-india-ors-vs-maneesh-pharmaceuticals-ltd-company-appeal-01295005

## Summary

### Background

The appeal challenges an order dated 2022-03-25 by the Adjudicating Authority (NCLT, Mumbai Bench) dismissing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to limitation. Several banks, including Export-Import Bank of India, Bank of India, State Bank of India, and Union Bank of India, along with Barclays Bank PLC, extended term loan facilities to Svizera Holdings B.V., a subsidiary of Maneesh Pharmaceuticals Limited (the Respondent). The loan was secured by hypothecation deeds, a share pledge agreement, and a memorandum of mortgage. The Respondent provided a corporate guarantee. The Borrower defaulted, leading to its classification as NPA. The Facility Agent sent a loan acceleration notice and invoked the corporate guarantee. A foreign

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## Facts

Several banks, including Export-Import Bank of India, Bank of India, State Bank of India, and Union Bank of India, along with Barclays Bank PLC, extended term loan facilities to M/s Svizera Holdings B.V. for USD 45 million. Svizera Holdings B.V. is a company incorporated under the laws of the Netherlands and a wholly owned foreign subsidiary of Maneesh Pharmaceuticals Limited (the Respondent). The loan was secured by hypothecation deeds dated 2008-06-03, a share pledge agreement dated 2018-06-03, and a memorandum of mortgage dated 2010-03-26. Maneesh Pharmaceuticals Limited provided a corporate guarantee for the loan. The Borrower defaulted on repayments, leading to its classification as a Non-Performing Asset (NPA). The Facility Agent sent a loan acceleration notice

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## Issues and analysis

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

**Ratio:** The limitation period for filing an application under Section 7 of the IBC is governed by

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**Reasoning:** The Adjudicating Authority held that the application was time-barred because the

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**Interpretation:** Section 22(5) of SICA provides a relaxation in the computation of limitation,

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**Application:** The NCLAT applied the principle of excluding the period during which the SICA

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## Parties

- **Judges:** Rakesh Kuma…; Alok Sriv…
- **Appellants:** Export Import…; Export-Import…
- **Respondents:** Svizera Holdings…; Maneesh Pharmaceut…
- **Advocates:** Krishnendu…; Varsha Hima…; +6 more

## Timeline

- **2007-09-24 — Facility Ag…**: Facility agreement executed between the Borrower, the Respondent as the Guarantor, and…
- **2008-06-03 — Deeds of Hypot…**: Two deeds of hypothecation were…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(1) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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