# In the matter of Ravindra G. Sapkal Vs. Samata Nagari Sahkari Patsantha Maryadit, Company Appeal (AT) (Ins) No. 215 of 2021

> NCLAT judgment dated 2021-09-20. Citation: TCN-2021-NCLAT-00098. The case involves an appeal against an order dated 19th February 2021, passed by the…

- **Court:** NCLAT
- **Order date:** 20 Sept 2021
- **Citation:** TCN-2021-NCLAT-00098
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ravindra-g-sapkal-vs-samata-nagari-sahkari-patsantha-maryadit-company-appeal-7d899e7c

## Summary

### Background

The case involves an appeal against an order dated 19th February 2021, passed by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was filed by the Respondent, Samata Nagari Sahkari Patsantha Maryadit, against the Corporate Debtor, Kalyani Education Pvt. Ltd. The Appellant, Ravindra G. Sapkal, promoter/erstwhile Chairman and MD of the Corporate Debtor, filed the appeal, claiming that the application was time-barred and that principles of natural justice were violated.

## Facts

Ravindra G. Sapkal, the promoter/erstwhile Chairman and MD of Kalyani Education Pvt. Ltd. (Corporate Debtor), filed an appeal against the order of the Adjudicating Authority (NCLT, Mumbai Bench) which admitted an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The application was filed by Samata Nagari Sahkari Patsantha Maryadit (Financial Creditor). The Corporate Debtor had availed credit facilities, including a Working Capital Term Loan of Rs.5 Crore, from the Financial Creditor. The Financial Creditor granted a consortium loan vide sanction letter dated 25.10.2013. The Corporate Debtor defaulted on repayments. The Financial Creditor filed an application under Section 7 of the IBC on 22.11.2019. The Appellant claimed that the

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## Issues and analysis

### Issue 1: Whether the application under Section 7 …

**Ratio:** Section 19 of the Limitation Act, 1963 states that a fresh period of limitation commences

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**Reasoning:** The Adjudicating Authority considered the dates of default and the installments paid by

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**Interpretation:** The limitation period for initiating proceedings under Section 7 of the IBC is

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**Application:** The Corporate Debtor made part payments until 08.06.2018, and a Recovery

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## Parties

- **Judges:** A.I.S. C…; V. P. S…
- **Appellants:** Ravindra G.…
- **Respondents:** Kalyani Education…; SAMATA NAGARI…
- **Advocates:** Ritin…; Divya P…; +8 more

## Timeline

- **2013-10-25 — Consortium Loan…**: Financial Creditor granted…
- **2013-11-30 — Date of D…**: The date of default as…

## 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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