# In the matter of Unijules LIfe Sciences Private Limited CP 3080 (IB)-MB-2018

> NCLT judgment dated 2019-03-08. Citation: TCN-2019-NCLT-04526. Punjab National Bank filed a petition (CP 3080/2018) under Section 7 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 8 Mar 2019
- **Citation:** TCN-2019-NCLT-04526
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/unijules-life-sciences-private-limited-cp-3080-ib-mb-2018-5d439372

## Summary

### Background

Punjab National Bank filed a petition (CP 3080/2018) under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Unijules Life Sciences Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP) due to a default of ₹93,95,84,706/- including interest on various loan facilities. The Petitioner had sanctioned loan facilities aggregating to ₹48,00,00,000/- vide sanction letter dated 15.03.2013. The Corporate Debtor's account was classified as NPA on 30.09.2014. The Petitioner had previously withdrawn a similar petition (CP 503/2018). The Respondent raised objections, claiming the petition was time-barred.

## Facts

Punjab National Bank (the Petitioner/Financial Creditor) sanctioned various loan facilities to Unijules Life Sciences Private Limited (the Corporate Debtor), aggregating to ₹48,00,00,000/- vide sanction letter dated 15.03.2013. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 30.09.2014 due to default in payment. The Petitioner sent a notice dated 15.10.2015 under section 13(2) of SARFAESI. The Petitioner annexed audited financial statements of the Corporate Debtor for the period 01.04.2016 to 31.03.2017, wherein the auditor mentioned the default in repayment. The Petitioner had previously withdrawn a similar petition (CP 503/2018). The Corporate Debtor executed a General Counter Indemnity in favor of the Petitioner on 26.03.2013. The

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## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 …

**Ratio:** Section 18 of the Limitation Act, 1963, provides for the extension of the limitation

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**Reasoning:** The court considered the arguments regarding the limitation period and the applicability

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**Interpretation:** The court interpreted Section 18 of the Limitation Act to determine whether the

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**Application:** The court applied the principle of acknowledgement of liability to the facts of

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** Punjab National…
- **Respondents:** Unijules Life…

## Timeline

- **2013-03-15 — Sanction…**: Punjab National Bank sanctioned loan facilities aggregating to ₹48,00,00,000/- to…
- **2013-03-26 — Undertaking by…**: Unijules Life Sciences Private Limited provided an undertaking accepting the terms and…

## 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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