# In the matter of Surinder Kumar Rajpal vs. Punjab National Bank & Anr.

> NCLAT judgment dated 2024-12-18. Citation: TCN-2024-NCLAT-00011. Company Appeal (AT) (Insolvency) No. 2342 of 2024 was filed by the appellant against Punjab…

- **Court:** NCLAT
- **Order date:** 18 Dec 2024
- **Citation:** TCN-2024-NCLAT-00011
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/surinder-kumar-rajpal-vs-punjab-national-bank-anr-ac45ef72

## Summary

### Background

Company Appeal (AT) (Insolvency) No. 2342 of 2024 was filed by the appellant against Punjab National Bank & Anr. The appellant's counsel submitted that the Section 7 application filed by Punjab National Bank was barred by time since the NPA was declared by the bank on 2013-09-30 and the application under Section 7 was filed on 2020-03-16. The appellant argues that no acknowledgment has been referred to in the Impugned Order to give the benefit of Section 18 of the Limitation Act and that the Adjudicating Authority has not addressed the question of limitation.

## Facts

Surinder Kumar Rajpal, representing the suspended board of directors of Karnal Agriculture Industries Ltd., filed an appeal against Punjab National Bank & Anr. The appeal contests the Section 7 application filed by Punjab National Bank, arguing that it is barred by limitation. The NPA was declared on 2013-09-30, and the Section 7 application was filed on 2020-03-16. The appellant claims that the Impugned Order did not consider the benefit of Section 18 of the Limitation Act, and the Adjudicating Authority did not address the question of limitation based on the material on record. The court has acknowledged the need for scrutiny of the submission.

## Issues and analysis

### Issue 1: Whether the Section 7 application filed by …

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

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**Reasoning:** The appellant argues that the NPA was declared on 2013-09-30, and the Section 7

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**Interpretation:** Section 7 of the IBC allows financial creditors to initiate corporate

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**Application:** The court will examine the dates of NPA declaration and Section 7 application

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## Parties

- **Judges:** Ashok Bh…; Barun M…; +1 more
- **Appellants:** Surinder Kumar…
- **Respondents:** Karnal Agriculture…; Punjab National…

## Timeline

- **2013-09-30 — NPA Decla…**: Punjab National Bank declared…
- **2020-03-16 — Section 7 Application…**: Punjab National Bank filed an…

## 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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