# In the matter of Aegis Glass Container Private Limited CP (IB) NO. 41-MB-2020

> NCLT judgment dated 2022-07-12. Citation: TCN-2022-NCLT-01763. The State Bank of India, as the Financial Creditor, filed a Company Petition seeking to…

- **Court:** NCLT
- **Order date:** 12 Jul 2022
- **Citation:** TCN-2022-NCLT-01763
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aegis-glass-container-private-limited-cp-ib-no-41-mb-2020-5c9798ba

## Summary

### Background

The State Bank of India, as the Financial Creditor, filed a Company Petition seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Aegis Glass Container Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The petition was filed due to an unresolved financial debt of Rs. 16,22,63,700/-. The Corporate Debtor had been availing credit facilities from the Financial Creditor for the past 9 years, with various term loans, WCDL, and cash credit facilities being permitted, reviewed, and modified over time. The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act dated

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## Facts

The State Bank of India (Financial Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Aegis Glass Container Private Limited (Corporate Debtor) due to an outstanding financial debt of Rs. 16,22,63,700. The Corporate Debtor had been availing credit facilities from the Financial Creditor for 9 years, including term loans, WCDL, and cash credit facilities. The Financial Creditor sanctioned a cash credit facility of Rs. 2,50,00,000/-, Term Loan-1 Facility of Rs. 1,55,00,000/-, Term Loan-2 Facility of Rs. 4,00,000/- and WCDL Facility for Rs. 1.65 crore on 24.02.2011. The Corporate Debtor confirmed the credit facility of Rs. 8,05,00,000/- by its Board Resolution. The Financial Creditor submitted agreements including Loan Cum

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## Issues and analysis

### Issue 1: Whether the Company Petition …

**Ratio:** The principle of limitation dictates that legal actions must be initiated within a

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**Reasoning:** The NCLT observed that the Company Petition was filed six years after the date of

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**Interpretation:** The limitation period is a critical aspect of legal proceedings, ensuring

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**Application:** In this case, the NCLT applied the principle of limitation and found that the

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## Parties

- **Judges:** H.V. Subb…; ANURADHA SANJAY…
- **Appellants:** State Bank of…
- **Respondents:** Aegis Glass…

## Timeline

- **2011-02-24 — Sanction of Credit…**: Financial Creditor sanctioned cash credit facility of Rs. 2,50,00,000/-, Term Loan-1…
- **2011-02-28 — Board Reso…**: Corporate Debtor confirmed the credit facility of Rs. 8,05,00,000/- by its Board…

## 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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