# In the matter of Rang Super Shopping Private Ltd. CA(IB) No. 414-KB-2019  in C.P. (IB) No. 1097-KB-2018

> NCLT judgment dated 2019-08-27. Citation: TCN-2019-NCLT-01734. Bell Finvest (India) Limited, the Financial Creditor, filed an application under Section 7 of…

- **Court:** NCLT
- **Order date:** 27 Aug 2019
- **Citation:** TCN-2019-NCLT-01734
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/rang-super-shopping-private-ltd-caib-no-414-kb-2019-in-cp-ib-no-1097-kb-2018-c535928b

## Summary

### Background

Bell Finvest (India) Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Rang Super Shopping Private Ltd., the Corporate Debtor, alleging default in repayment of Rs. 23,82,74,067. The Financial Creditor, a Non-Banking Financial Company, had taken over a loan initially availed by the Corporate Debtor from the State Bank of India. The Corporate Debtor had also executed loan agreements and provided collateral security to the Financial Creditor. The Corporate Debtor defaulted on repayments, leading to the Financial Creditor issuing loan recall notices and filing a company petition for winding up before the High Court at Calcutta. Subsequently, the Financial Creditor filed the application under Section 7

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## Facts

Bell Finvest (India) Limited, a Non-Banking Financial Company, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Rang Super Shopping Private Ltd., alleging a default of Rs. 23,82,74,067. The Corporate Debtor had initially availed a loan from State Bank of India, which was later taken over by the Financial Creditor. The Corporate Debtor provided additional collateral security to the Financial Creditor. The Corporate Debtor defaulted in repayment from 01-05-2013. The Financial Creditor issued loan recall notices and filed a company petition for winding up before the High Court at Calcutta in 2014. The Corporate Debtor confirmed the balance outstanding to the Financial Creditor on 01-04-2013. The Financial Creditor produced CIBIL

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## Issues and analysis

### Issue 1: Whether the proceeding initiated by the Financial Creditor is not maintainable as it is barred by …

**Ratio:** Section 14 of the Limitation Act allows for the exclusion of the period of pendency of a

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**Reasoning:** The NCLT considered the arguments regarding limitation and the pending winding-up

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**Interpretation:** The interpretation of Section 14 of the Limitation Act allows for the exclusion

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**Application:** In this case, the Financial Creditor initiated winding-up proceedings in 2014,

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Bell Finvest…
- **Respondents:** Rang Super…; M/s. Rang Super…

## Timeline

- **1994-01-01 — Incorporation of…**: The Financial Creditor, a Non Banking Financial Company, was incorporated in the year…
- **2009-01-01 — Corporate Debtor Avails…**: The Corporate Debtor availed a loan from the State Bank of India to the tune of Rs.…

## 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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