# In the matter of Yogeshkumar Jashwantlal Thakkar Vs. Indian Overseas Bank and Anr. CA(AT)(Ins)No. 236 of 2020

> NCLAT judgment dated 2020-09-14. Citation: TCN-2020-NCLAT-00120. This case involves an appeal against an order passed by the National Company Law Tribunal…

- **Court:** NCLAT
- **Order date:** 14 Sept 2020
- **Citation:** TCN-2020-NCLAT-00120
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/yogeshkumar-jashwantlal-thakkar-vs-indian-overseas-bank-and-anr-ca-2d01b99c

## Summary

### Background

This case involves an appeal against an order passed by the National Company Law Tribunal (NCLT), Ahmedabad Bench, which admitted a Section 7 application under the Insolvency and Bankruptcy Code (IBC) filed by Indian Overseas Bank (IOB) against Jason Dekor Pvt. Ltd. The appellant, Yogeshkumar Jashwantlal Thakkar, the suspended director of Jason Dekor, challenged the validity of the NCLT's order, primarily arguing that the application was time-barred under the Limitation Act. The appellant contended that the date of default was 01.01.2016, and the application was filed on 01.04.2019, exceeding the three-year limitation period. The bank, however, argued that the limitation period was extended due to acknowledgements of debt by the corporate debtor through revival letters

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## Facts

Yogeshkumar Jashwantlal Thakkar, the suspended director of Jason Dekor Pvt. Ltd., filed an appeal against the admission of a Section 7 application by the NCLT Ahmedabad in favor of Indian Overseas Bank (IOB). IOB filed the Section 7 application based on a default by Jason Dekor. The appellant argued that the application was time-barred because it was filed more than three years after the initial date of default, which the appellant claimed was 01.01.2016. IOB contended that the limitation period was extended due to acknowledgements of debt by Jason Dekor through revival letters and balance confirmation letters. The appellant disputed the validity and effect of these acknowledgements, citing Supreme Court judgments that an acknowledgement cannot revive a default in

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## Issues and analysis

### Issue 1: Whether the Section 7 application filed by Indian Overseas Bank against Jason Dekor Pvt. Ltd. was …

**Ratio:** The limitation period for filing an application under Section 7 of the IBC is governed by

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**Reasoning:** The appellant argued that the application was filed beyond the three-year limitation

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**Interpretation:** The interpretation of the Limitation Act, particularly Section 18, is crucial

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**Application:** The tribunal found that the debit confirmation letters secured by the bank from

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## Parties

- **Judges:** Venugop…; Ashok Kumar…
- **Appellants:** Yogeshkumar…
- **Respondents:** Jason Dekor Pvt.…; Indian Overseas…
- **Advocates:** Udit G…; Vishwas V…; +2 more

## Timeline

- **2019-12-19 — Order by NCLT…**: Order dated 19.12.2019 passed by the National Company Law Tribunal, Ahmedabad Bench in…
- **2019-04-01 — Section 7 Application…**: The 1st Respondent / Bank filed the Section 7 application before the Adjudicating…

## 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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