# In the matter of Indian Renewable Energy Development Agency Ltd. vs. Shri Sai Kripa Sugars and Allied Industries Ltd.

> NCLAT judgment dated 2023-12-08. Citation: TCN-2023-NCLAT-00041. The appeal was filed against the order dated 09.02.2023 passed by the National Company Law…

- **Court:** NCLAT
- **Order date:** 8 Dec 2023
- **Citation:** TCN-2023-NCLAT-00041
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/indian-renewable-energy-development-agency-ltd-vs-shri-sai-kripa-sugars-and-alli-1b98dc7b

## Summary

### Background

The appeal was filed against the order dated 09.02.2023 passed by the National Company Law Tribunal, Mumbai Bench, Court II, which dismissed a petition filed by the Appellant under Section 7 of the Insolvency & Bankruptcy Code, 2016, against the Corporate Debtor, Shri Sai Kripa Sugars and Allied Industries Ltd., for the resolution of an amount of Rs. 90,71,78,954/- on the ground of limitation. The petition under Section 7 of the Code was filed on 16.02.2018. Another Operational Creditor had filed a winding-up petition before the Hon'ble Bombay High Court, and a Liquidator was appointed in 2017. The Respondent did not appear, but Dharam Raj, company Prosecutor-cum-Official Liquidator, appointed in Company Petition 08/2017 by the Hon'ble Bombay High Court, appeared

…

## Facts

The Indian Renewable Energy Development Agency Ltd. filed an appeal against the order of the National Company Law Tribunal (NCLT), Mumbai Bench, which dismissed its petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC). The petition sought resolution of a debt amounting to Rs. 90,71,78,954/- from the Corporate Debtor, Shri Sai Kripa Sugars and Allied Industries Ltd. The NCLT dismissed the petition on the ground of limitation. The Section 7 petition was originally filed on 16.02.2018. The Appellant argued that the date of default was 31.12.2012, and the limitation period should be calculated from that date. The Appellant also submitted balance sheets of the Respondent as evidence of acknowledgement of debt, even though these were not initially

…

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 is barred by …

**Ratio:** The limitation period for filing a petition under Section 7 of the IBC is three years, as

…

**Reasoning:** The court considered the Appellant's argument that the date of default was 31.12.2012 and

…

**Interpretation:** The court interpreted the provisions of the Limitation Act and the IBC

…

**Application:** The court applied the ratio to the facts of the case, considering the

…

## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…
- **Appellants:** Indian Renewable…
- **Respondents:** Sai Kripa Sugars…
- **Advocates:** Varsha Ba…; Mahima…; +4 more

## Timeline

- **2017-01-01 — Liquidator Ap…**: Liquidator was appointed in the year 2017 in the winding up of the Corporate Debtor…
- **2018-02-16 — Section 7 Petit…**: The petition under Section 7 of…

---

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/indian-renewable-energy-development-agency-ltd-vs-shri-sai-kripa-sugars-and-alli-1b98dc7b