# In the matter of GI International Private Limited C.P. (IB) No. 590-KB-2020

> NCLT judgment dated 2022-05-19. Citation: TCN-2022-NCLT-02702. Tata Capital Financial Services Limited filed an application under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 19 May 2022
- **Citation:** TCN-2022-NCLT-02702
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gi-international-private-limited-cp-ib-no-590-kb-2020-5866dc51

## Summary

### Background

Tata Capital Financial Services Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against G.I. International Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed that the corporate debtor had defaulted on credit facilities obtained from them. The corporate debtor obtained various credit facilities from the financial creditor bank in several accounts with different sub-limits with an overall limit which was enhanced from time to time. The financial creditor submitted that the corporate debtor had failed to make payments despite repeated requests and reminders, leading to the application for CIRP.

## Facts

Tata Capital Financial Services Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against G.I. International Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had obtained various credit facilities from the Financial Creditor, including working capital demand loans. Several agreements, sanction letters, and guarantees were executed between the parties. The Corporate Debtor defaulted on its repayment obligations, leading the Financial Creditor to issue demand notices. The last payments were made on 14/06/2018 and 19/09/2019 for Working Capital Demand Loan-II and Working Capital Demand Loan-I, respectively. The Financial Creditor filed the

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

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**Reasoning:** The court considered the dates of default, the issuance of demand notices, and the filing

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**Interpretation:** The Limitation Act, 1963, prescribes a specific time frame within which legal

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**Application:** The court applied the principle of limitation to the facts of the case,

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## Parties

- **Judges:** Rohit K…; Harish Chander…; +1 more
- **Appellants:** Tata Capital…
- **Respondents:** G.I. International…

## Timeline

- **2015-05-05 — Sanction…**: Financial Creditor sanctioned a credit facility of Rs. 5,00,00,000/- to the Corporate…
- **2015-05-25 — Working Capital Demand…**: Agreement entered into for grant of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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