# In the matter of ASK Investment Managers Limited vs. A. Damodaran

> NCLT judgment dated 2025-01-30. Citation: TCN-2025-NCLT-01125. ASK Investment Managers Limited filed an application under Section 95 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 30 Jan 2025
- **Citation:** TCN-2025-NCLT-01125
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/ask-investment-managers-limited-vs-a-damodaran-98f08717

## Summary

### Background

ASK Investment Managers Limited filed an application under Section 95 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7(2) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019, to initiate the Insolvency Resolution Process against Shri R.Damodaran, the Personal Guarantor, for a principal amount of INR 229,04,09,761 as of 28.02.2022. The date of default was specified as 31.01.2018, the date of the Arbitration Award.

## Facts

ASK Investment Managers Limited filed an application to initiate Insolvency Resolution Process against R.Damodaran as a Personal Guarantor.

The application is based on a principal amount of INR 229,04,09,761 as of 28.02.2022, with the date of default being 31.01.2018, the date of the Arbitration Award.

R.Damodaran stood as a Personal Guarantor for loans availed by M/s. Ambojini Properties Developers Private Limited, the Corporate Debtor.

The applicant and the promoters, including the respondent, entered into a Subscription & Share Holders Agreement (SSHA) on 23.03.2011.

The Corporate Debtor did not obtain requisite approvals/permissions for the development of lands for a long period of 5 years and failed to comply with the terms of the SSHA.

…

## Issues and analysis

### Issue 1: Whether the application is …

**Ratio:** The application is within

…

**Reasoning:** The Hon'ble Supreme Court extended the period of limitation from 15.03.2020 to 28.02.2022

…

**Interpretation:** The extension of limitation by the Supreme Court is applicable to the present

…

**Application:** The Tribunal considered the extended period of limitation and concluded that

…

## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** ASK Investment…
- **Respondents:** M/s. Ambojini…; R Damod…
- **Other parties:** Madhu De…; Nuvoco Vistas…
- **Advocates:** Vishnu…; Srenik S.…; +2 more

## Timeline

- **2025-01-30 — Order Pron…**: Order pronounced on 30.01.2025…
- **2023-12-20 — IRP Appoi…**: Mr. Madhu Desikan appointed as Interim…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chennai/ask-investment-managers-limited-vs-a-damodaran-98f08717