# In the matter of Elixir Buildcon Pvt. Ltd. Company Petition No. (IB)-05(ND)-2021

> NCLT judgment dated 2022-05-04. Citation: TCN-2022-NCLT-02890. The case involves an application filed by Deepak Gupta, the financial creditor, under Section 7…

- **Court:** NCLT
- **Order date:** 4 May 2022
- **Citation:** TCN-2022-NCLT-02890
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/elixir-buildcon-pvt-ltd-company-petition-no-ib-05nd-2021-f70acc83

## Summary

### Background

The case involves an application filed by Deepak Gupta, the financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S Elixir Buildcon (P) Ltd., the corporate debtor. The financial creditor and corporate debtor entered into a Memorandum of Understanding (MoU) on 25.01.2013, where the corporate debtor agreed to sell and purchase 21 flats/units in the 'Elixir Windz' project. The corporate debtor failed to launch the scheme within 180 days of signing the MoU, leading to a default. The financial creditor claimed a sum of Rs. 10,91,97,937 as due and payable as of 28.01.2013.

## Facts

Deepak Gupta, the applicant, is a financial creditor. M/S Elixir Buildcon (P) Ltd. is the corporate debtor. On 25.01.2013, the applicant and the corporate debtor entered into a Memorandum of Understanding (MoU) where the corporate debtor agreed to sell and purchase 21 flats/units in the 'Elixir Windz' project. The corporate debtor failed to launch the scheme within 180 days of signing the MoU. As of 28.01.2013, a sum of Rs. 10,91,97,937 was claimed as due and payable. The applicant proposed the name of Mrs. Reshma Mittal as the Interim Resolution Professional (IRP). The corporate debtor raised objections, claiming the application was barred by limitation, the applicant was not a 'financial creditor', and there was no breach of the MoU. The applicant argued that the

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial …

**Ratio:** The limitation period is considered from the date of default. The default occurred when

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**Reasoning:** The Adjudicating Authority considered the date of default and the applicable limitation

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

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**Application:** The default occurred on 22.03.2020, and the limitation period is 3 years from

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## Parties

- **Judges:** DHARMINDER…; SUMITA PURK…; +1 more
- **Respondents:** M/s Elixir…

## Timeline

- **2013-01-25 — MoU Sign…**: Memorandum of Understanding (MoU) signed between Deepak Gupta and M/S Elixir Buildcon (P)…
- **2013-01-28 — Amount D…**: A sum of Rs. 10,91,97,937 is claimed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(7) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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