# 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-00300. 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-00300
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/surya-landmark-developers-private-limited-cp-ib-348-mb-c-ii-2020-8a09cf6e

## 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 amounted to Rs 2,43,89,160/-, comprising principal and interest. The Financial Creditor claims the default occurred on 11th January 2019, for a loan provided for 3 years starting 11th January 2016. The Corporate Debtor argued the petition was barred by limitation, no financial debt was due, and the Financial Creditor did not meet the minimum threshold for allottees under Section 7 of the IBC.

## Facts

Prabina O. Sharma (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Surya Landmark Developers Private Limited (Corporate Debtor). The Financial Creditor claimed a default of Rs 2,43,89,160/-, including principal and interest, with the default occurring on 11th January 2019. The loan was provided on 11th January 2016, for a period of 3 years. The Corporate Debtor argued the petition was barred by limitation, no financial debt existed, and the Financial Creditor didn't meet the threshold for allottees under Section 7 of the IBC. The Corporate Debtor also mortgaged a flat as security for the loan, but the flat was not constructed. The Financial

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## Issues and analysis

### Issue 1: Whether the application …

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

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**Reasoning:** The Adjudicating Authority considered the arguments regarding the date of default and the

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**Interpretation:** The interpretation of the limitation period under the IBC is crucial for

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**Application:** In this case, the Financial Creditor claimed the default occurred on

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## Parties

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

## Timeline

- **2016-01-11 — Loan Agre…**: Financial Creditor advanced Rs…
- **2016-03-08 — Further…**: Financial Creditor advanced further…

## 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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