# In the matter of Evershine Wood Packaging Private Limited CP(IB)-12(CHE)2023

> NCLT judgment dated 2023-06-23. Citation: TCN-2023-NCLT-02810. The case involves an application filed by Indian Bank under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 23 Jun 2023
- **Citation:** TCN-2023-NCLT-02810
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/evershine-wood-packaging-private-limited-cpib-12che2023-74af5155

## Summary

### Background

The case involves an application filed by Indian Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Evershine Wood Packaging Private Limited. The Corporate Debtor was incorporated on 05.05.2005 and availed OCC facilities from the Financial Creditor, which were renewed periodically. The Corporate Debtor defaulted on repayment obligations, leading to the application for CIRP.

## Facts

Indian Bank filed an application under Section 7 of the IBC, 2016, to initiate CIRP against Evershine Wood Packaging Private Limited. Evershine Wood Packaging Private Limited was incorporated on May 5, 2005, with an authorized share capital of Rs. 7,99,00,000 and a paid-up share capital of Rs. 7,98,20,000. The Corporate Debtor availed OCC facilities from Indian Bank, which were renewed periodically under CEGLS. The Corporate Debtor executed several documents, including sanction letters, demand promissory notes, and agreements of guarantee. The Corporate Debtor defaulted on repayment obligations, leading Indian Bank to issue notices under the SARFAESI Act. The date of default was stated as December 23, 2020. The Corporate Debtor admitted to receiving a statutory demand

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor is within the period of limitation as …

**Ratio:** Section 238A of the IBC, 2016, incorporates the provisions of the Limitation Act, 1963.

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**Reasoning:** The Adjudicating Authority considered the OTS proposals submitted by the Corporate

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**Interpretation:** The acknowledgements of debt within the limitation period, coupled with the

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**Application:** The Corporate Debtor's OTS proposals and the Supreme Court's order extended the

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## Parties

- **Judges:** Shri. Sanji…; Shri. Samee…
- **Appellants:** Indian…
- **Respondents:** Evershine Wood…

## Timeline

- **2005-05-05 — Incorporation of…**: Evershine Wood Packaging…
- **2017-12-28 — Sanction…**: Sanction letter for OCC facilities…

## 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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