# In the matter of Eagle Autopearl Pvt. Ltd. C.P. (I.B) No. 620-NCLT-AHM-2019

> NCLT judgment dated 2020-10-16. Citation: TCN-2020-NCLT-00375. The case involves an application filed by Small Industries Development Bank of India (SIDBI)…

- **Court:** NCLT
- **Order date:** 16 Oct 2020
- **Citation:** TCN-2020-NCLT-00375
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/eagle-autopearl-pvt-ltd-cp-ib-no-620-nclt-ahm-2019-e7d47496

## Summary

### Background

The case involves an application filed by Small Industries Development Bank of India (SIDBI) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Eagle Autopearl Pvt. Ltd. SIDBI claimed that Eagle Autopearl defaulted on a term loan. The application was filed before the National Company Law Tribunal (NCLT), Ahmedabad Bench.

## Facts

Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Eagle Autopearl Pvt. Ltd. SIDBI had sanctioned a term loan of Rs. 700 lakhs to Eagle Autopearl, and the amount claimed to be in default was Rs. 408.02 lakhs. The date of default was 10.12.2014, and the date of NPA was 11.03.2015. The last payment made by Eagle Autopearl was on 07.02.2015. SIDBI filed the petition on 19.08.2019. SIDBI submitted various documents, including a loan agreement, security documents, and financial statements, to support its claim. The corporate debtor, Eagle Autopearl Pvt. Ltd., did not appear on their behalf. SIDBI argued that the petition was filed

…

## Issues and analysis

### Issue 1: Whether the petition filed by SIDBI under Section 7 of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** The Limitation Act, 1963, is applicable to proceedings before the Adjudicating Authority

…

**Reasoning:** The NCLT observed that the petition was filed on 19.08.2019, while the last payment from

…

**Interpretation:** Section 238A of the I&B Code incorporates the Limitation Act, 1963, making

…

**Application:** In this case, the petition was filed more than three years after the last

…

## Parties

- **Judges:** Manorama…; Chockalingam…
- **Appellants:** Small Industries…
- **Respondents:** Eagle Autopearl…
- **Advocates:** Rashmi…; Vishal J…

## Timeline

- **2014-12-10 — Date of D…**: Eagle Autopearl Pvt. Ltd.…
- **2015-02-07 — Last Pay…**: Last payment made by…

## 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/eagle-autopearl-pvt-ltd-cp-ib-no-620-nclt-ahm-2019-e7d47496