# In the matter of CFM Asset Constructions Pvt. Ltd. Vs. Yogesh Kumar Sharma IA-5314(ND)2020 (IB)-606-(ND)-2020

> NCLT judgment dated 2020-12-09. Citation: TCN-2020-NCLT-00118. The case involves an application against a personal guarantor, Yogesh Kumar Sharma, filed by…

- **Court:** NCLT
- **Order date:** 9 Dec 2020
- **Citation:** TCN-2020-NCLT-00118
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cfm-asset-constructions-pvt-ltd-vs-yogesh-kumar-sharma-ia-5314-1be5307a

## Summary

### Background

The case involves an application against a personal guarantor, Yogesh Kumar Sharma, filed by CFM Asset Reconstruction Pvt Ltd. The Resolution Professional (RP) appointed by the Court submitted a report. The applicant's counsel argued that the application is time-barred, citing a default date of 2015-05-09 and an arbitration award passed in 2017-01-25. The application was filed on 2020-02-24.

## Facts

CFM Asset Reconstruction Pvt Ltd filed an application against Yogesh Kumar Sharma, the personal guarantor. The RP appointed by the court filed a report. The applicant's counsel argued that the application was time-barred because the date of default was 2015-05-09, and an arbitration award was passed on 2017-01-25. The application was filed on 2020-02-24. The court found that the application was indeed time-barred and rejected it. The Financial Creditor was directed to pay the fees of the Resolution Professional.

## Issues and analysis

### Issue 1: Whether the application against the …

**Ratio:** Applications must be filed within the prescribed limitation period. Failure to do so

…

**Reasoning:** The court found that the application was filed beyond the limitation period, considering

…

**Interpretation:** The limitation period is a critical aspect of legal proceedings, ensuring

…

**Application:** The court applied the principle of limitation to the facts, noting that the

…

## Parties

- **Judges:** DEEPTI M…; SUMITAPURKA…
- **Appellants:** CFM Asset…
- **Respondents:** Yogesh Kumar…
- **Advocates:** Ishwar Moh…

## Timeline

- **2015-05-09 — Date of D…**: The date of default as per…
- **2017-01-25 — Arbitration…**: The date on which 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/cfm-asset-constructions-pvt-ltd-vs-yogesh-kumar-sharma-ia-5314-1be5307a