# In the matter of Vinod Kumar Jain Vs. Siddha Domicile Company Pvt. Ltd. & Ors. CA(AT)(Ins)No.987-2019

> NCLAT judgment dated 2019-11-11. Citation: TCN-2019-NCLAT-00162. The case involves an appeal against the Adjudicating Authority's decision regarding an…

- **Court:** NCLAT
- **Order date:** 11 Nov 2019
- **Citation:** TCN-2019-NCLAT-00162
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vinod-kumar-jain-vs-siddha-domicile-company-pvt-ltd-ors-ca-9a334c1c

## Summary

### Background

The case involves an appeal against the Adjudicating Authority's decision regarding an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The appellant initially doubted the application was within the limitation period. The Committee of Creditors (COC) was already constituted. The appellant sought to withdraw the appeal.

## Facts

Vinod Kumar Jain filed an appeal against Siddha Domicile Company Pvt. Ltd. & Ors. regarding an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. Initially, the appellant's counsel doubted that the application was within the limitation period. However, the counsel later accepted the existence of a letter from the Corporate Debtor acknowledging the debt. The appellant also raised concerns about the RP's collation of claims. The Committee of Creditors (COC) was already constituted. The appellant sought to withdraw the appeal, which the court permitted. The Corporate Debtor acknowledged an unsecured loan payable to the Financial Creditor No.1 - Siddha Domicile Company Pvt. Ltd. of Rs.18,50,560/- via a letter dated 20th April, 2015. The Section 7

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## Issues and analysis

### Issue 1: Whether the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 was …

**Ratio:** Acknowledgment of debt by the Corporate Debtor within the limitation period extends the

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**Reasoning:** The court noted that the appellant's counsel initially doubted the application's

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**Interpretation:** Section 7 of the IBC requires that an application be filed within the

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**Application:** In this case, the Corporate Debtor's letter acknowledging the debt served as an

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## Parties

- **Judges:** A.I.S. C…; KanthiNar…; +1 more
- **Appellants:** Vinod Kuma…
- **Respondents:** Siddha Domicile…

## Timeline

- **2015-04-20 — Corporate Debtor…**: The Corporate Debtor acknowledged the existence of an unsecured loan payable to the…
- **2018-03-27 — Section 7 Application…**: The Section 7…

## 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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