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

> NCLAT judgment dated 2025-04-03. Citation: TCN-2025-NCLAT-00129. 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-00129
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/rohit-suri-vs-rajasthan-financial-corporation-ors-f9ec731c

## 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, in a company petition. The Rajasthan Financial Corporation (Financial Creditor) initiated Corporate Insolvency Resolution Process (CIRP) against Ruby Buildestates Limited (Corporate Debtor). The appellant challenged the initiation of CIRP, primarily on the grounds of limitation.

## Facts

Rajasthan Financial Corporation 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) after a six-month moratorium. A demand notice was issued on 13.01.2010, and physical possession of the mortgaged property was taken on 23.02.2010. The auction notice was challenged in the Rajasthan High Court, resulting in an ex-parte stay order on 26.05.2010. The Corporate Debtor submitted multiple settlement proposals between 2011 and 2017, which did not materialize. Rajasthan Financial Corporation filed a Company Petition on 12.08.2021, which was admitted by the Adjudicating Authority. The key fact is whether the petition was filed within the limitation

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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 law of limitation is based on public policy, aiming to end litigation by forfeiting

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**Reasoning:** The Appellate Tribunal considered the various OTS proposals made by the Appellant, which

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**Interpretation:** The Tribunal interpreted the Limitation Act, 1963, in conjunction with the

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**Application:** The Tribunal applied the ratio to the facts of the case, noting that the last

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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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