# In the matter of CPR CAPITAL SERVICES LTD

> NCLT judgment dated 2026-02-19. Citation: TCN-2026-NCLT-00181. Globe Fincap Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 19 Feb 2026
- **Citation:** TCN-2026-NCLT-00181
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cpr-capital-services-ltd-39b85b4b

## Summary

### Background

Globe Fincap Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against CPR Capital Services Limited, claiming a default of ₹12,98,97,286/- as of 31.06.2022, along with future interest.

## Facts

Globe Fincap Ltd. (Financial Creditor) filed an application under Section 7 of the IBC against CPR Capital Services Limited (Corporate Debtor).

The claimed default amount was ₹12,98,97,286/- as of 31.06.2022, with interest at 16% per annum from 01.07.2022.

The date of default was stated as 09.02.2018.

The Corporate Debtor availed a revolving loan facility of ₹15 crores under a Master Loan Agreement dated 19.06.2009.

The loan tenure was extended multiple times, with interest rates adjusted.

The Corporate Debtor claimed to have repaid ₹3,95,00,000/- through cheques, which the Financial Creditor allegedly adjusted against another account.

A settlement agreement was allegedly entered into, but its validity was disputed.

…

## Issues and analysis

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

**Ratio:** The Supreme Court extended the limitation

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**Reasoning:** The date of default was 09.02.2018, and the application was filed on 07.09.2022. The

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**Interpretation:** The period between 15.03.2020 and 28.02.2022 was excluded for the purposes of

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**Application:** The application was deemed to be filed within the limitation period due to the

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## Parties

- **Judges:** KHETRABASI…; KAUSHALENDRA…
- **Appellants:** Globe Finca…
- **Respondents:** CPR Capital…
- **Other parties:** Sanjay…
- **Advocates:** Raghav K…; Deokant Tr…

## Timeline

- **2009-06-19 — Master Loan A…**: Master Loan Agreement was executed for a…
- **2013-02-20 — Sanction…**: Loan tenure was renewed for one year, and 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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