# In the matter of Yashomati Hospital Private Limited C.P. (I.B) No. 144-BB-2017

> NCLT judgment dated 2021-03-16. Citation: TCN-2021-NCLT-02684. The case involves an application filed by M/s. Pegasus Assets Reconstruction Private Limited,…

- **Court:** NCLT
- **Order date:** 16 Mar 2021
- **Citation:** TCN-2021-NCLT-02684
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/yashomati-hospital-private-limited-cp-ib-no-144-bb-2017-9dbcc029

## Summary

### Background

The case involves an application filed by M/s. Pegasus Assets Reconstruction Private Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the I&B (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Yashomati Hospital Private Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor has defaulted on a total amount of Rs. 14,61,02,892.63/-. The Corporate Debtor raised objections, including arguments regarding limitation and the pendency of proceedings before the Debt Recovery Tribunal (DRT) and the High Court. The Financial Creditor is an assignee of South Indian Bank (SIB), which had

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## Facts

M/s. Pegasus Assets Reconstruction Private Limited, the Financial Creditor, filed an application under Section 7 of the IBC to initiate CIRP against M/s. Yashomati Hospital Private Limited, the Corporate Debtor, due to a default of Rs. 14,61,02,892.63/-. The Financial Creditor is an assignee of South Indian Bank (SIB), which had initially granted a term loan of Rs. 15 Crores to the Corporate Debtor. State Bank of India (SBI) was also involved as the Lead Bank in a consortium arrangement, granting a term loan of Rs. 20 Crores. The Corporate Debtor made part payments of Rs. 3,47,00,000/- on 27.11.2014 and Rs. 53,00,000/- on 28.11.2014. SBI issued a demand notice on 27.10.2014 on behalf of itself and the Financial Creditor. The Corporate Debtor acknowledged these payments

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## Issues and analysis

### Issue 1: Whether the application under Section 7 …

**Ratio:** Section 18 of the Limitation Act, 1963, provides that a fresh period of limitation starts

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**Reasoning:** The NCLT considered the Corporate Debtor's acknowledgements of debt and part-payments

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**Interpretation:** The acknowledgement of debt by the Corporate Debtor, through part payments and

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**Application:** The Corporate Debtor's acknowledgements of debt in November 2014 and November

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s. Pegasus…
- **Respondents:** Yashomati…; M/s. Yashomati…

## Timeline

- **2004-01-20 — Incorporation of…**: M/s. Pegasus Assets Reconstruction…
- **2007-03-16 — Incorporation of…**: M/s. Yashomati Hospital…

## 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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