# T. Venkatram Reddy vs. L & T Finance Limited

> NCLAT judgment dated 2 Apr 2026. Citation: TCN-2026-NCLAT-00087. The case involves a company appeal challenging an Impugned Order dated 24.06.2022 by the Ld.…

- **Court:** NCLAT
- **Order date:** 2 Apr 2026
- **Citation:** TCN-2026-NCLAT-00087
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/t-venkatram-reddy-vs-l-t-finance-limited-f0874e9a

## Summary

### Background

The case involves a company appeal challenging an Impugned Order dated 24.06.2022 by the Ld. NCLT, Hyderabad Bench, which directed the Appellant to be admitted into insolvency resolution process under Section 95 of the I & B Code, 2016. The Corporate Debtor, Deccan Chronicle Holdings Limited, defaulted on financial dues to the Financial Creditor, L & T Finance Limited, leading to CIRP proceedings.

## Facts

The company appeal challenges the Impugned Order dated 24.06.2022 rendered by the Ld. NCLT, Hyderabad Bench.

The Appellant was directed to be admitted into insolvency resolution process under Section 95 of I & B Code, 2016.

Deccan Chronicle Holdings Limited, the Corporate Debtor, was incorporated in 1991.

The Corporate Debtor defaulted on financial dues to the Financial Creditor, L & T Finance Limited.

A Facility Agreement was entered between the Corporate Debtor and Respondent No. 1 on 13.05.2011 for a term loan of INR 25 Crores.

The Financial Creditor invoked the call option on 24.05.2012 due to default in repayments.

The Corporate Debtor failed to repay the amount by 08.06.2012.

Arbitration proceedings were initiated, and an arbitral award was rendered on 15.03.2013.

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## Issues and analysis

### Issue 1: Whether the proceedings under Section 95 of I&B Code are barred by limitation due to the demand …

**Ratio:** Section 238A of the I&B Code, read with Article 137 of the Limitation Act, prescribes

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**Reasoning:** The Tribunal reasoned that the 'continuing guarantee' argument to extend the limitation

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**Interpretation:** The term 'default' under Section 3(12) of the I&B Code refers to a specific

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**Application:** Since the demand notice was issued more than three years after the specified

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## Parties

- **Judges:** Sharad Kumar…; Jatindranat…
- **Appellants:** T. VENKATRA…
- **Respondents:** Deccan Chronicle…; L&T Finance…; +1 more
- **Other parties:** Insolvency and…; Limita…; +3 more

## Timeline

- **13.05.2011 — Facility Ag…**: Corporate Debtor entered into a Facility Agreement with Respondent No. 1 for a term loan…
- **24.05.2012 — Call Option…**: Financial Creditor invoked the call…

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