# In the matter of Gradient Nirman Private Limited And Anr. Vs. IFCI Ltd. and Ors. CA(AT)(Ins)No. 1491 of 2019

> NCLAT judgment dated 2020-05-22. Citation: TCN-2020-NCLAT-00258. The appeal was filed against the order passed by the Adjudicating Authority (NCLT) Hyderabad…

- **Court:** NCLAT
- **Order date:** 22 May 2020
- **Citation:** TCN-2020-NCLAT-00258
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/gradient-nirman-private-limited-and-anr-vs-ifci-ltd-and-ors-ca-7182025f

## Summary

### Background

The appeal was filed against the order passed by the Adjudicating Authority (NCLT) Hyderabad Bench in CP (IB) No.26/7/HDB/2018. The 1st Appellant is the Shareholder of the Corporate Debtor, and the 2nd Appellant is the Director of the Corporate Debtor. The Adjudicating Authority admitted the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, based on a default in a term loan agreement with IFCI Ltd. The Enforcement Directorate (ED) had attached 150 acres of the project land, and TSIIC issued a notice for cancellation of the land allotment and resumption of SEZ on 24.09.2015, bringing the project to a standstill.

## Facts

M/s. Gradient Nirman Private Limited, represented by Mr. G. Inna Reddy, filed an appeal against the order of the NCLT Hyderabad Bench in CP (IB) No.26/7/HDB/2018. The NCLT had admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by IFCI Ltd. The Corporate Debtor, a Special Purpose Vehicle, had been sanctioned a term loan of Rs.60,00,00,000/- by IFCI Ltd., out of which Rs.9,90,00,000/- was disbursed by 21.05.2009. The balance loan of Rs.50,10,00,000/- was cancelled on 31.03.2011 due to non-payment of installments. The project could not be completed because in 2011, the ED attached 150 acres of the project land, and TSIIC issued a notice for cancellation of the land allotment and resumption of SEZ on 24.09.2015. The Appellant argued

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## Issues and analysis

### Issue 1: Whether the application admitted under Section 7 by the Adjudicating Authority is barred by …

**Ratio:** The date of default is the crucial date for computing the period of limitation for an

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**Reasoning:** The court relied on several Supreme Court judgments, including 'Gaurav Hargovind bhai

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**Interpretation:** The court interpreted Section 7 of the IBC and Article 137 of the Limitation

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**Application:** In this case, the court found that the date of default was either 15.10.2013 or

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## Parties

- **Judges:** Venugop…; V. P. S…; +1 more
- **Appellants:** I. Karnunakar…
- **Respondents:** M/s. Gradient…; M/s. IFCI…

## Timeline

- **2018-01-01 — CP (IB) No.26/7…**: Order passed by the Adjudicating…
- **2009-05-21 — Loan Disbur…**: Rs.9,90,00,000/- was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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