# In the matter of Tiger Surgical Disposable Private Limited C.P. No.(IB) 199-7-NCLT-AHM-2018

> NCLT judgment dated 2019-07-24. Citation: TCN-2019-NCLT-02331. JM Financial Asset Reconstruction Company Limited filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 24 Jul 2019
- **Citation:** TCN-2019-NCLT-02331
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tiger-surgical-disposable-private-limited-cp-noib-199-7-nclt-ahm-2018-68dc9387

## Summary

### Background

JM Financial Asset Reconstruction Company Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. The applicant claimed that Tiger Surgical Disposable Private Limited defaulted on debts owed to UCO Bank, which were later assigned to JM Financial Asset Reconstruction Company Limited. The corporate debtor raised objections, including the petition being time-barred and issues related to UCO Bank's handling of financial transactions.

## Facts

JM Financial Asset Reconstruction Company Limited filed a petition against Tiger Surgical Disposable Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The applicant claimed that the corporate debtor defaulted on a total amount of Rs. 22,12,05,556/- as of 15.03.2018, which was outstanding against debts owed to UCO Bank. These debts were transferred to the applicant via a registered assignment agreement dated 26.03.2014. The account was classified as a Non-Performing Asset (NPA) on 31.03.2013. The corporate debtor raised objections, including the petition being time-barred under Section 238A of the IB Code, and alleged negligence by UCO Bank in handling financial transactions, specifically the loss of cheques and issues with interest rates. The

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## Issues and analysis

### Issue 1: Whether the application filed by the financial creditor is time-barred under Section 238A of the IB …

**Ratio:** The principle is that a debt is considered 'due' and payable unless interdicted by law or

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**Reasoning:** The court reasoned that the corporate debtor had acknowledged the debt in its financial

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**Interpretation:** Section 238A of the IB Code imposes a limitation period for initiating

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**Application:** The court applied the principle that the corporate debtor's acknowledgment of

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Appellants:** JM Financial…
- **Respondents:** Tiger Surgical…; Tiger Surgical…

## Timeline

- **2013-03-31 — Date of D…**: The account of Tiger Surgical Disposable Private Limited was classified as Non-Performing…
- **2014-03-26 — Assignment Ag…**: UCO Bank entered into a registered assignment agreement with JM Financial Asset…

## 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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