# In the matter of PERFECT RADIATORS AND OIL COOLERS PRIVATE LIMITED

> NCLT judgment dated 2026-01-07. Citation: TCN-2026-NCLT-00047. Jammu and Kashmir Bank filed an application under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 7 Jan 2026
- **Citation:** TCN-2026-NCLT-00047
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/perfect-radiators-and-oil-coolers-private-limited-fff48260

## Summary

### Background

Jammu and Kashmir Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Perfect Radiators & Oil Coolers Pvt. Ltd, the Corporate Debtor, which acted as a corporate guarantor for M/s LEEL Electricals Limited, the Principal Borrower.

## Facts

Jammu and Kashmir Bank filed an application under Section 7 of the IBC to initiate CIRP against Perfect Radiators & Oil Coolers Pvt. Ltd.

Perfect Radiators & Oil Coolers Pvt. Ltd. is the Corporate Debtor and acted as a corporate guarantor for M/s LEEL Electricals Limited.

The Principal Borrower, M/s LEEL Electricals Limited, availed credit facilities from Jammu and Kashmir Bank.

The Corporate Debtor executed a Deed of Corporate Guarantee on 01.05.2017 in favor of the Applicant Bank.

The loan account of the Principal Borrower was classified as NPA on 31.01.2019.

The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act on 12.03.2019.

The Principal Borrower submitted an OTS proposal on 03.12.2019, which was rejected by the Financial Creditor on 24.01.2020.

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## Issues and analysis

### Issue 1: Whether the present application is filed …

**Ratio:** The application is not

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**Reasoning:** The date of default was 31.01.2019. Considering the exclusion of the period from

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**Interpretation:** Section 18 of the Limitation Act allows for the extension of the limitation

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**Application:** The Tribunal applied the principles of Section 18 of the Limitation Act and the

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Jammu & Kashmir…
- **Respondents:** Perfect Radiators…
- **Other parties:** BHOOPESH…; MKM technologies…; +7 more
- **Advocates:** Rahul Cha…; Anan…

## Timeline

- **2016 — Enactment…**: The Insolvency and…
- **2017-05-01 — Deed of Gua…**: Corporate Debtor executed a Deed of Corporate Guarantee on 01.05.2017 in favor of the…

## 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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