# In the matter of ACCIL Corporation Private Limited

> Read the full IBC case summary for In the matter of ACCIL Corporation Private Limited. NCLT judgment dated 2025-10-15. Citation: TCN-2025-NCLT-01490.

- **Court:** NCLT
- **Order date:** 15 Oct 2025
- **Citation:** TCN-2025-NCLT-01490
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/accil-corporation-private-limited-15875ee7

## Summary

### Background

The Financial Creditor filed an application under Section 7 of the IBC seeking to initiate CIRP against the Corporate Debtor due to a default in payment of Rs. 107,18,81,910/-. The Corporate Debtor contended that the debt was under dispute in the Rajasthan High Court and that the application was time-barred.

## Facts

Asset Reconstruction Company (India) Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process against Accil Corporation Private Limited, the Corporate Debtor. The application was filed due to a default in payment of Rs. 107,18,81,910/-. The Corporate Debtor had availed a term loan facility of Rs. 50,00,00,000/- from Indian Overseas Bank, which was later assigned to ARCIL via an Assignment Agreement dated March 7, 2024.

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial…

**Ratio:** Continuous acknowledgment of liability in financial statements by a corporate debtor…

**Reasoning:** The Corporate Debtor continuously acknowledged its liability in its financial statements…

**Interpretation:** The court interpreted Section 18 of the Limitation Act, 1963, to mean that an…

**Application:** Given the Corporate Debtor's consistent acknowledgment of debt in its balance…

## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Advocates:** Shivangshu…; Akanksha…; +2 more

## Timeline

- **April 18, 2011 — Term Loan San…**: Indian Overseas Bank sanctioned a Term Loan Facility of Rs. 50,00,00,000/- to the…
- **March 31, 2016 — Loan Account Classified…**: The loan account of the Corporate Debtor was classified as Non-Performing Asset (NPA) by…

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