# In the matter of Rohit Suri vs. Rajasthan Financial Corporation & Ors.

> NCLAT judgment dated 2025-04-03. Citation: TCN-2025-NCLAT-00133. The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 by the…

- **Court:** NCLAT
- **Order date:** 3 Apr 2025
- **Citation:** TCN-2025-NCLAT-00133
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rohit-suri-vs-rajasthan-financial-corporation-ors-0bfcbba4

## Summary

### Background

The appeal was filed under Section 61 of the Insolvency and Bankruptcy Code, 2016 by the Appellant, Mr. Rohit Suri, against the order dated 17.05.2024 passed by the National Company Law Tribunal, Jaipur Bench. The appeal contests the initiation of Corporate Insolvency Resolution Process (CIRP) against Ruby Buildestates Limited, the Corporate Debtor. The primary contention revolves around the issue of limitation, with the Appellant arguing that the company petition filed by Rajasthan Financial Corporation (Respondent No. 1) was time-barred.

## Facts

Rajasthan Financial Corporation (RFC) sanctioned a loan of ₹3.50 Crores to Ruby Buildestates Limited in July 2009, disbursing ₹2.40 Crores on 17.07.2009. The loan was repayable in 19 Equal Quarterly Instalments (EQIs). RFC issued a demand notice on 13.01.2010 under Section 30 of the State Financial Corporation Act, 1951, and took physical possession of the mortgaged property on 23.02.2010 under Section 29 of the same Act. An auction notice was issued on 16.06.2010, which was challenged by homebuyers in the Rajasthan High Court, resulting in a stay order on 26.05.2010. The Corporate Debtor submitted multiple settlement proposals between 2011 and 2018, none of which materialized. RFC filed a Company Petition on 12.08.2021, which the Appellant claims was barred by

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## Issues and analysis

### Issue 1: Whether the company petition filed by the Respondent No. 1 before the Adjudicating Authority was …

**Ratio:** The principle of limitation dictates that legal proceedings must be initiated within a

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**Reasoning:** The Appellate Tribunal considered the Respondent No. 1's argument that the limitation

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**Interpretation:** The interpretation of the limitation period involves considering the date of

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**Application:** In this case, the Appellate Tribunal found that the Appellant's repeated OTS

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## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…; +1 more
- **Appellants:** Rohit…
- **Respondents:** Ruby Buildestates…; Rajasthan…

## Timeline

- **2009-07-01 — Loan Sanc…**: Rajasthan Financial Corporation sanctioned a loan of ₹3.50 Crores to Ruby Buildestates…
- **2009-07-17 — Loan Disb…**: Rajasthan Financial Corporation disbursed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61 — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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