# In the matter of Meena V. Kothari Vs. Maberest Hotels Pvt. Ltd. CA(AT)(Ins) No. 797 of 2019

> NCLAT judgment dated 2020-02-17. Citation: TCN-2020-NCLAT-00397. Meena V. Kothari (Financial Creditor) filed an appeal against the order dated 29.03.2019…

- **Court:** NCLAT
- **Order date:** 17 Feb 2020
- **Citation:** TCN-2020-NCLAT-00397
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/meena-v-kothari-vs-maberest-hotels-pvt-ltd-ca-9a732bdb

## Summary

### Background

Meena V. Kothari (Financial Creditor) filed an appeal against the order dated 29.03.2019 passed by the Adjudicating Authority (National Company Law Tribunal) Mumbai, Bench Mumbai, which rejected her application under Section 7 of the Insolvency & Bankruptcy Code, 2016. The financial creditor had advanced a loan of Rs. 10 Lakhs to M/S Maberest Hotels Pvt. Ltd. (Corporate Debtor) on 12.08.2002 as temporary financial assistance, repayable with 18% interest per annum. The Corporate Debtor acknowledged the debt through balance confirmation letters. The Financial Creditor sent a demand letter on 17.09.2007 and a legal notice on 23.10.2007, but the Corporate Debtor failed to repay. The Financial Creditor then filed a winding-up petition before the Bombay High Court, which

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## Facts

On 12.08.2002, Meena V. Kothari (Financial Creditor) advanced a loan of Rs. 10 Lakhs to M/S Maberest Hotels Pvt. Ltd. (Corporate Debtor) as temporary financial assistance with an 18% per annum interest rate. The loan was to be repaid when the corporate debtor's financial crisis subsided, within 6 to 12 months. The Corporate Debtor acknowledged the debt through balance confirmation letters from 31.03.2003 to 01.04.2007. The Financial Creditor sent a registered letter on 17.09.2007 demanding repayment, followed by a legal notice on 23.10.2007, but the Corporate Debtor neither repaid the loan nor responded. Consequently, the Financial Creditor filed a winding-up petition (No. 25/2009) before the Bombay High Court, which was disposed of with a direction to file a civil

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## Issues and analysis

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

**Ratio:** The Limitation Act applies to applications filed under Section 7 of the I&B Code.

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**Reasoning:** The tribunal reasoned that the right to sue accrued on 25.11.2007, the date of default.

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**Interpretation:** The interpretation of the Limitation Act in the context of Section 7 of the

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**Application:** In this case, the default occurred on 25.11.2007. The application was filed on

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## Parties

- **Judges:** Jarat Kuma…; Balvinder…; +1 more
- **Appellants:** Meena V K…
- **Respondents:** M/S Maberest…

## Timeline

- **2002-08-12 — Loan Adv…**: Meena V. Kothari advanced a loan of Rs. 10…
- **2003-03-31 — Balance Confi…**: Corporate Debtor provided…

## 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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