# In the matter of Akshaj Estates Private Limited

> NCLT judgment dated 2025-01-10. Citation: TCN-2025-NCLT-00634. The case involves a Company Petition (I.B.) No. 411 of 2024 filed by Dynamic Finvest Services…

- **Court:** NCLT
- **Order date:** 10 Jan 2025
- **Citation:** TCN-2025-NCLT-00634
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/akshaj-estates-private-limited-f3c57cda

## Summary

### Background

The case involves a Company Petition (I.B.) No. 411 of 2024 filed by Dynamic Finvest Services Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Akshaj Estates Private Limited (Corporate Guarantor) for initiating the Corporate Insolvency Resolution Process (CIRP). The petition is based on the Corporate Guarantor's default in payment of an amount aggregating to Rs. 1,94,11,439.90/-. The Financial Creditor had extended a term loan of Rs. 7,00,000/- to the Corporate Debtor, secured by a personal guarantee and a corporate guarantee. The Corporate Debtor defaulted on repayments, leading to the Financial Creditor classifying the account as a Non-Performing Asset (NPA).

## Facts

Dynamic Finvest Services Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Akshaj Estates Private Limited (Corporate Guarantor) seeking to initiate CIRP. The basis for the petition was a default in payment of Rs. 1,94,11,439.90/-. The Financial Creditor had extended a term loan of Rs. 7,00,000/- to the Corporate Debtor, secured by a personal guarantee from Mr. Rajiv Goyal and a corporate guarantee from Akshaj Estates Private Limited. The loan agreement was dated 18.06.2012. The Corporate Debtor defaulted on repayments, and the Financial Creditor classified the account as an NPA on 15.06.2014. The Financial Creditor issued a demand notice on 21.08.2023 to the Corporate Debtor and the Personal

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC is barred by limitation under Article 137 of the …

**Ratio:** Article 137 of the Limitation Act, 1963, prescribes a limitation period of three years

…

**Reasoning:** The court reasoned that the notice invoking the Corporate Guarantee was issued much later

…

**Interpretation:** The interpretation of Article 137 of the Limitation Act, in conjunction with

…

**Application:** The court applied the ratio to the facts by determining that the application

…

## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** DYNAMIC FINVEST…
- **Respondents:** Akshaj Estate…

## Timeline

- **2012-06-18 — Loan Agreeme…**: Loan Agreement signed between the…
- **2014-06-15 — NPA Decla…**: Financial Creditor classified the Corporate Debtor's account as a Non-Performing Asset…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

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-division-bench-court-i-chenn/akshaj-estates-private-limited-f3c57cda