# In the matter of Hotel Horizon Private Limited MA No. 1013-2018 in CP No. 1458-IBC-NCLT-MB-MAH-2017

> NCLT judgment dated 2019-01-29. Citation: TCN-2019-NCLT-05121. The case involves an application filed by Phoenix ARC Private Limited, a Financial Creditor,…

- **Court:** NCLT
- **Order date:** 29 Jan 2019
- **Citation:** TCN-2019-NCLT-05121
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hotel-horizon-private-limited-ma-no-1013-2018-in-cp-no-1458-ibc-nclt-mb-mah-2017-9727da06

## Summary

### Background

The case involves an application filed by Phoenix ARC Private Limited, a Financial Creditor, against Hotel Horizon Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had approached IDFC Limited for financial facilities in March 2008, which were granted. Subsequently, further financial assistance was sought from IDFC and HDFC Limited, leading to a Rupee Term Loan Agreement. Later, a Facility Agreement was executed with IDFC, HDFC, and Union Bank of India for additional funds. IDFC assigned its rights and interests in the debt to Phoenix ARC Private Limited in September 2014. The Corporate Debtor failed to repay the outstanding amounts, leading to the account being declared a Non-Performing Asset (NPA)

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## Facts

In March 2008, Hotel Horizon Private Limited (Corporate Debtor) requested financial facilities from IDFC Limited (IDFC), which were approved. Subsequently, in November 2009, the Corporate Debtor sought further financial assistance from IDFC and HDFC Limited (HDFC), resulting in a Rupee Term Loan Agreement for ₹22,00,00,000. On May 24, 2012, a Facility Agreement was executed between IDFC, HDFC, Union Bank of India, and the Corporate Debtor for an additional ₹46,00,00,000. IDFC later assigned its rights and interests in the debt to Phoenix ARC Private Limited (Petitioner) on September 11, 2014. The Corporate Debtor defaulted on repayments under Term Loan II and Term Loan III. As of September 25, 2017, the total amount claimed to be in default was ₹93,86,52,393. The date

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## Issues and analysis

### Issue 1: Whether the petition is barred by …

**Ratio:** Section 238A of the IBC incorporates the Limitation Act, 1963, making it applicable to

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**Reasoning:** The Tribunal relied on the Supreme Court's decision in B.K. Educational Services Private

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**Interpretation:** The interpretation is that the Limitation Act applies to IBC proceedings, and

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**Application:** The Tribunal applied this principle to determine whether the petition was filed

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** Phoenix Arc…
- **Respondents:** Hotel Horizon…

## Timeline

- **2008-03-01 — Initial Financial…**: Corporate Debtor approached IDFC…
- **2009-11-01 — Further Financial…**: Corporate Debtor sought further financial…

## 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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