# In the matter of Euro Cylinder India Private Limited IA No. 215 of 2021 in CP No. 1626-MB-C-II-2019

> NCLT judgment dated 2021-09-07. Citation: TCN-2021-NCLT-01165. The case involves an application (IA No. 215 of 2021) filed in CP No. 1626/MB/C-II/2019 under…

- **Court:** NCLT
- **Order date:** 7 Sept 2021
- **Citation:** TCN-2021-NCLT-01165
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/euro-cylinder-india-private-limited-ia-no-215-of-2021-in-cp-no-1626-mb-c-ii-2019-0b38eb27

## Summary

### Background

The case involves an application (IA No. 215 of 2021) filed in CP No. 1626/MB/C-II/2019 under Rule 11 of the National Company Law Tribunal Rules, 2016, by Pegasus Assets Reconstruction Private Limited, seeking to amend its application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant seeks to amend the company petition under Section 7 of the IBC as per Schedule A. The respondent opposed the application, arguing that the amendment is not permissible under the IBC and is barred by limitation. The applicant contends that the amendment is necessary in light of a judgment by the NCLAT in Pegasus ARC vs. Yashomati Hospitals Pvt. Ltd. and to clarify the date of default.

## Facts

Pegasus Assets Reconstruction Private Limited, the applicant and financial creditor, filed an application to amend its company petition under Section 7 of the Insolvency and Bankruptcy Code (IBC). The application was filed in response to a prior order by the NCLAT in the matter of Pegasus ARC vs. Yashomati Hospitals Pvt. Ltd. The applicant seeks to amend the petition to include details regarding the date of default, which they claim occurred on 18th July 2016, when Euro Cylinder India Private Limited, the corporate debtor, acknowledged the debt. Further defaults occurred in May, June, and July 2019. The respondent, Euro Cylinder India Private Limited, opposed the amendment, arguing that it is an attempt to circumvent limitation issues and that the pleadings are already

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## Issues and analysis

### Issue 1: Whether the applicant should be allowed to amend its application under Section 7 of the IBC to …

**Ratio:** The Hon'ble Supreme Court in Dena Bank (now Bank of Baroda) Vs. C. Shivakumar Reddy and

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**Reasoning:** The court relied on the Supreme Court's judgment in Dena Bank (now Bank of Baroda) Vs. C.

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**Interpretation:** This interpretation clarifies that the IBC does not prevent amendments to

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**Application:** The ratio and reasoning were applied to the facts of the case, where the

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## Parties

- **Judges:** Ashok Kumar…; Shyam Babu…
- **Appellants:** Pegasus Assets…
- **Respondents:** Euro Cylinder…

## Timeline

- **2019-04-22 — Petition…**: The Applicant filed the…
- **2020-11-24 — NCLAT Or…**: Judgement and Order of the Hon'ble National Company Appellate Tribunal (“NCLAT”) passed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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