# In the matter of Ravi Raman Vs R R Infopark Private Limited

> NCLAT judgment dated 2025-01-06. Citation: TCN-2025-NCLAT-00283. The appeal challenges the Adjudicating Authority's decision to admit Section 7 proceedings…

- **Court:** NCLAT
- **Order date:** 6 Jan 2025
- **Citation:** TCN-2025-NCLAT-00283
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ravi-raman-vs-r-r-infopark-private-limited-814a3256

## Summary

### Background

The appeal challenges the Adjudicating Authority's decision to admit Section 7 proceedings against the appellant, RR Info Park Private Limited, based on a claim by JM Financial Asset Reconstruction Company Limited. The appellant argues that the claim is time-barred, as the date of default was 21.05.2013, and the proceedings were initiated in 2019. The respondent contends that the appellant acknowledged the debt in balance sheets and through a One Time Settlement (OTS) proposal, extending the limitation period.

## Facts

RR Info Park Private Limited (the Corporate Debtor), through its Suspended Director Ravi Raman, challenged an order dated 12.12.2023, which admitted Section 7 proceedings against it. The initial default occurred on 21.05.2013, based on a Recovery Certificate issued by the DRT. The Corporate Debtor availed financial facilities from a consortium of banks amounting to Rs. 270 Crores. Oriental Bank of Commerce, one of the lenders, assigned its debt to JM Financial Asset Reconstruction Company Limited (Respondent No. 2). The Corporate Debtor proposed a One Time Settlement (OTS) on 30.01.2019, which was rejected on 06.02.2019. Respondent No. 2 filed a Section 7 application on 27.06.2019. A settlement was reached, and the Section 7 application was withdrawn on 22.12.2020,

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## Issues and analysis

### Issue 1: Whether the proceedings under Section 7 of the I&B Code, 2016, are barred by limitation when …

**Ratio:** Section 18 of the Limitation Act states that a fresh period of limitation is computed

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**Reasoning:** The court reasoned that the appellant had acknowledged the debt through various means,

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

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**Application:** The court applied the ratio to the facts by noting that the appellant's OTS

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** Ravi R…
- **Respondents:** RR Info Park…

## Timeline

- **2007-06-01 — Creation of Security…**: Respondent No. 1 created a Security Interest in favour of Oriental Bank of Commerce via a…
- **2011-06-03 — Initiation of Debt…**: The Assignor along with the Consortium of Banks initiated proceedings under Section 19 of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19 — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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