# In the matter of Delcray Cables Pvt. Ltd. CP (IB) No. 144-Chd-Pb-2021

> NCLT judgment dated 2023-01-13. Citation: TCN-2023-NCLT-05060. Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 13 Jan 2023
- **Citation:** TCN-2023-NCLT-05060
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/delcray-cables-pvt-ltd-cp-ib-no-144-chd-pb-2021-5a9c7455

## Summary

### Background

Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Delcray Cables Pvt. Ltd. The petition was filed due to the corporate debtor's default on financial assistance availed from the bank. The corporate debtor was incorporated on 10.06.1993. The financial creditor claimed a default of Rs. 10,09,71,983.37/- as of 31.03.2019, when the account was classified as a Non-Performing Asset (NPA).

## Facts

Punjab National Bank, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Delcray Cables Pvt. Ltd., the corporate debtor. The corporate debtor had availed financial assistance from the bank, including CC Limit of Rs.4.15 crores and OD Limit of Rs.3 crores. The corporate debtor deposited title deed No.6659 dated 03.03.2010 on 04.07.2012 and executed a memorandum of deposit of title deeds. The corporate debtor also availed an Adhoc Limit of Rs.80 Lakhs. The account was classified as a Non-Performing Asset (NPA) on 31.03.2019. The total amount claimed to be in default is Rs. 10,09,71,983.37/- as of 31.03.2019. The petition was filed on 09.06.2021 and re-filed on 23.06.2021. The corporate debtor did not appear,

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## Issues and analysis

### Issue 1: Whether the present application is …

**Ratio:** The limitation period for filing an application under Section 7 of the IBC is three years

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**Reasoning:** The court observed that the date of default was 31.03.2019, and the petition was filed on

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**Interpretation:** The court interpreted the limitation period as commencing from the date of

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**Application:** The court applied the ratio to the facts of the case, noting that the petition

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Punjab National…
- **Respondents:** Delcray Cables…; M/s Delcray…
- **Advocates:** Charanjiv Singh…; K.V. Si…

## Timeline

- **1993-06-10 — Incorporation of…**: M/s Delcray Cables Pvt.…
- **2010-03-03 — Deposit of Ti…**: The corporate debtor…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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