# In the matter of Jssi Hydraulics Private Limited (IB)-66(ND)-2022

> Read the full IBC case summary for In the matter of Jssi Hydraulics Private Limited (IB)-66(ND)-2022. NCLT judgment dated 2022-07-12. Citation:…

- **Court:** NCLT
- **Order date:** 12 Jul 2022
- **Citation:** TCN-2022-NCLT-04594
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jssi-hydraulics-private-limited-ib-66nd-2022-935f5dbf

## Summary

### Background

The application was filed by State Bank of India, the financial creditor, under Section 7 of the IBC, 2016, to initiate the Corporate Insolvency Resolution Process against JSSI Hydraulics Private Limited, the corporate debtor, due to default in payment of financial debt.

## Facts

State Bank of India, the applicant and financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. JSSI Hydraulics Private Limited, the respondent and corporate debtor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default in financial debt. The corporate debtor was incorporated on July 2, 2007, and its registered office is in New Delhi, falling within the Tribunal's jurisdiction. The authorized share capital is Rs. 22,50,00,000/-, and the paid-up share capital is Rs. 22,19,60,000/-.

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## Issues and analysis

### Issue 1: Whether the application filed by the…

**Ratio:** An OTS Proposal made by the corporate debtor within the limitation period constitutes a…

**Reasoning:** The NCLT referred to the Supreme Court judgment in Dena Bank Vs. C. Shivakumar Reddy and…

**Interpretation:** The court interpreted Section 18 of the Limitation Act broadly to include an…

**Application:** Since the corporate debtor's OTS Proposal was dated May 6, 2019, and the date…

## Parties

- **Judges:** DHARMINDER…; BINOD KUMAR…
- **Advocates:** For the Applicant:…; Vaidehi Kothari…; +1 more

## Timeline

- **July 2, 2007 — Incorporation of…**: M/s. JSSI Hydraulics Private Limited was…
- **August 6, 2013 — Sanction…**: State Bank of India issued a sanction letter for credit facilities to the corporate…

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