# In the matter of Haridas Gautamkumar Dave Vs. Indian Transformers Co. Ltd., Company Appeal (AT)(Ins) No. 832 of 2021 & I.A. 1381 of 2022

> NCLAT judgment dated 2022-11-23. Citation: TCN-2022-NCLAT-00079. This is an appeal against the order dated 17.09.2021 passed by the National Company Law…

- **Court:** NCLAT
- **Order date:** 23 Nov 2022
- **Citation:** TCN-2022-NCLAT-00079
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/haridas-gautamkumar-dave-vs-indian-transformers-co-ltd-company-appeal-942d4929

## Summary

### Background

This is an appeal against the order dated 17.09.2021 passed by the National Company Law Tribunal, Mumbai Bench, Court – III, in C.P. No.- 4182/IBC/MB/2018, which admitted an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Union Bank of India (Financial Creditor) against Indian Transformers Co. Ltd. (Corporate Debtor). The Shareholder of the Corporate Debtor filed this appeal, challenging the admission of the Section 7 application.

## Facts

Haridas Gautamkumar Dave, the suspended director of Indian Transformers Co. Ltd. (Corporate Debtor), appealed against the order of the National Company Law Tribunal (NCLT), Mumbai, which admitted a Section 7 application filed by Union Bank of India (Financial Creditor) under the Insolvency and Bankruptcy Code (IBC). The loan facilities availed by the Corporate Debtor were originally declared as NPA in 2011, subsequently restructured, and fresh documents were obtained in 2013. The accounts were declared as NPA on 31.03.2013. The Financial Creditor annexed two debit balance confirmations dated 14.07.2015. The Corporate Debtor paid Rs. 50,000 on 13.10.2017 and raised objections to the possession notice issued by the Financial Creditor under the SARFAESI Act. The Corporate

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## Issues and analysis

### Issue 1: Whether the above Company …

**Ratio:** Section 18 of the Limitation Act can be attracted to proceedings under the IBC if there

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**Reasoning:** The court reasoned that the last payment was made on 13.10.2017, and this part payment is

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**Interpretation:** The interpretation of Section 18 of the Limitation Act in conjunction with

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**Application:** In this case, the court applied the ratio by considering the last payment made

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## Parties

- **Judges:** Anant Bijay…; Shreesha…
- **Appellants:** Haridas Gautamkuma…
- **Respondents:** Indian Transformer…

## Timeline

- **2011-01-01 — Loan declar…**: Loan facilities availed by the Corporate…
- **2013-01-01 — Loan Restru…**: Loan facilities were restructured, and fresh documents were obtained from the Corporate…

## 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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