# In the matter of Surya Landmark Developers Private Limited CP (IB) 348-MB-C-II-2020

> NCLT judgment dated 2021-12-02. Citation: TCN-2021-NCLT-00297. The case involves a Company Petition filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 2 Dec 2021
- **Citation:** TCN-2021-NCLT-00297
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/surya-landmark-developers-private-limited-cp-ib-348-mb-c-ii-2020-7bae7e82

## Summary

### Background

The case involves a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Prabina O. Sharma, the Financial Creditor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Surya Landmark Developers Private Limited, the Corporate Debtor. The default in payment amounts to Rs 2,43,89,160/-, comprising principal and interest. The Financial Creditor claims the default occurred on 11th January 2019, relating to a loan provided for three years starting 11th January 2016. The Corporate Debtor argues the petition is barred by limitation, no financial debt is due, and the Financial Creditor doesn't meet the minimum threshold for allottees under Section 7 of IBC.

## Facts

Prabina O. Sharma, the Financial Creditor, filed a Company Petition under Section 7 of the IBC against Surya Landmark Developers Private Limited, the Corporate Debtor, due to a default in payment of Rs 2,43,89,160/-. This amount includes a principal loan of Rs 95,00,000/- and Rs 1,48,89,160/- in interest, accruing at 2% per month as per an agreement. The Financial Creditor claims the default occurred on January 11, 2019, for a loan provided on January 11, 2016, for a period of three years. The Corporate Debtor is a public company incorporated on December 3, 2008. The Financial Creditor transferred Rs 90,00,000/- to the Corporate Debtor on January 11, 2016, and a further Rs 5,00,000/- on March 8, 2016, totaling Rs 95,00,000/-. As security, the Corporate Debtor executed

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## Issues and analysis

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

**Ratio:** The limitation period for filing an application under Section 7 of the IBC commences from

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**Reasoning:** The Corporate Debtor argued the cause of action arose on 8th March 2016, making the

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**Interpretation:** The interpretation of the limitation period is crucial in determining the

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**Application:** In this case, the NCLT considered the date of default as 11th January 2019, as

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## Parties

- **Judges:** P.N. Deshmukh…; Shyam Babu…
- **Appellants:** Prabina O.…
- **Respondents:** Surya Landmark…

## Timeline

- **2008-12-03 — Incorporation of…**: Surya Landmark Developers Private Limited was…
- **2016-01-11 — Loan Agre…**: Financial Creditor advanced Rs…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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