# In the matter of Vikram Bhawanishankar Sharma vs. SREI Infrastructure Finance Ltd. & Anr. I.A. No. 2315 of 2023 in Company Appeal (AT) Insolvency No. 694 of 2023

> NCLAT judgment dated 2023-06-07. Citation: TCN-2023-NCLAT-00451. The case involves an appeal against the admission of a Section 7 application under the…

- **Court:** NCLAT
- **Order date:** 7 Jun 2023
- **Citation:** TCN-2023-NCLAT-00451
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vikram-bhawanishankar-sharma-vs-srei-infrastructure-finance-ltd-anr-ia-no-2315-o-9ce14587

## Summary

### Background

The case involves an appeal against the admission of a Section 7 application under the Insolvency and Bankruptcy Code, 2016 by the Adjudicating Authority. The appellant, a member of the suspended board of directors of Supreme Vasai Bhiwandi Tollways Pvt. Ltd. (Corporate Debtor), filed a writ petition before the Punjab and Haryana High Court challenging the Adjudicating Authority's order. The High Court initially entertained the writ petition but later disposed of it, granting the appellant liberty to avail the statutory remedy of appeal before the Appellate Tribunal. The appellant then filed an appeal before the NCLAT along with an application for condonation of delay.

## Facts

Supreme Vasai Bhiwandi Tollways Pvt. Ltd. is the corporate debtor. An application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was filed against the corporate debtor. The Adjudicating Authority admitted the Section 7 application on December 22, 2022. The Appellant filed a Writ Petition No. CWP-30348-2022 before the High Court of Punjab and Haryana against the order. The High Court disposed of the Writ Petition on May 1, 2023, granting liberty to the Appellant to avail the statutory remedy of appeal before the Appellate Tribunal. The Appellant filed the appeal before the NCLAT on May 19, 2023, along with an application for condonation of delay. The delay condonation application sought exclusion of the period from December 26, 2022, to May 1, 2023, during

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## Issues and analysis

### Issue 1: Whether the Applicant is entitled for the benefit of Section 14 of the Limitation Act for purposes …

**Ratio:** Even though Section 14 of the Limitation Act is not strictly applicable in the Appeal

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**Reasoning:** The court relied on the judgment of the Hon'ble Supreme Court in Kalpraj Dharamshi, which

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**Interpretation:** Section 14 of the Limitation Act allows for the exclusion of time spent in

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**Application:** The court applied the principles of Section 14 of the Limitation Act to the

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## Parties

- **Judges:** Ashok Bh…; Naresh Sa…
- **Appellants:** Vikram Bhawanishan…
- **Respondents:** Supreme Vasai…; Srei Infrastructur…

## Timeline

- **2022-12-22 — Adjudicating Authority…**: The Adjudicating Authority admitted the Section 7 application against the Corporate…
- **2022-12-26 — Writ Petitio…**: The Appellant filed Writ Petition No. CWP-30348-2022 before the High Court of Punjab and…

## 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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