# In the matter of Shantanu Jagdish Prakash vs. State Bank of India & Ors.

> NCLAT judgment dated 2025-01-23. Citation: TCN-2025-NCLAT-00407. The appeal was filed by Shantanu Jagdish Prakash under Section 61 of the Insolvency and…

- **Court:** NCLAT
- **Order date:** 23 Jan 2025
- **Citation:** TCN-2025-NCLAT-00407
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/shantanu-jagdish-prakash-vs-state-bank-of-india-ors-636527ad

## Summary

### Background

The appeal was filed by Shantanu Jagdish Prakash under Section 61 of the Insolvency and Bankruptcy Code, 2016, against the Impugned Order dated 31.05.2024 passed by the National Company Law Tribunal, New Delhi Bench (Court-II).

## Facts

The Appellant, Shantanu Jagdish Prakash, filed an appeal against the Impugned Order dated 31.05.2024 passed by the National Company Law Tribunal, New Delhi Bench.

The Corporate Debtor, ESL, faced financial difficulties and its accounts were declared as Non-Performing Assets (NPA) on 31.03.2013.

A Master Restructuring Agreement (MRA) was executed between the CDR lenders and ESL, with a cut-off date of 01.04.2013.

The Appellant provided personal guarantees in favor of SBICAP Trustee Company Limited.

The Respondent No. 1, State Bank of India, filed O.A. No. 152/2019 before the Debt Recovery Tribunal - III, Delhi, against the Appellant.

The CoC of ESL approved the resolution plan submitted by Ebix Singapore Pte Ltd.

…

## Issues and analysis

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

**Ratio:** The application was not barred by limitation as the MRA was restructured on 25.03.2014,

…

**Reasoning:** The tribunal considered the restructuring of the loans under the MRA and the revival

…

**Interpretation:** The limitation period is calculated from the date of the revival letter, not

…

**Application:** The tribunal applied the principle that a revival letter acknowledges the debt

…

## Parties

- **Judges:** Rakesh Kuma…; Naresh Sa…
- **Appellants:** Shantanu Jagdish…
- **Respondents:** ESL…; Educomp Solutions…; +2 more
- **Advocates:** Sunil Fer…; Rajshree Ch…; +5 more

## Timeline

- **31.05.2024 — Impugned…**: Date of the Impugned Order passed by the National Company Law Tribunal, New Delhi Bench…
- **31.03.2013 — NPA Decla…**: ESL's accounts were declared as…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/shantanu-jagdish-prakash-vs-state-bank-of-india-ors-636527ad