# In the matter of Hardrock Attachments Private Limited C.P (IB) No. 409-KB-2021

> NCLT judgment dated 2022-05-18. Citation: TCN-2022-NCLT-02716. State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 18 May 2022
- **Citation:** TCN-2022-NCLT-02716
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hardrock-attachments-private-limited-cp-ib-no-409-kb-2021-0d2ffc6b

## Summary

### Background

State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Hardrock Attachments Private Limited, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on payments of a loan amounting to Rs. 34,76,00,000/-. The petition was filed on 05 December, 2021.

## Facts

State Bank of India (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Hardrock Attachments Private Limited (Corporate Debtor) for initiation of CIRP. The Financial Creditor disbursed Rs. 34,76,00,000/- to the Corporate Debtor under various facilities. The Corporate Debtor defaulted on payments, with the outstanding amount being Rs. 64,55,80,125.70 as of 31 October, 2021. The date of default was stated as 28 December, 2013. The Corporate Debtor mortgaged immovable properties to avail the facilities. The Financial Creditor had already filed a recovery proceeding before the Debt Recovery Tribunal, Ranchi, based on a recovery certificate. The Financial Creditor also attempted to sell one of the attached properties

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## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, is barred …

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

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**Reasoning:** The Adjudicating Authority noted that the date of default was 28 December, 2013, and the

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**Interpretation:** The court interpreted the provisions of the Limitation Act in conjunction with

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

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** State Bank of…
- **Respondents:** Hardrock Attachmen…

## Timeline

- **2013-12-28 — Date of D…**: The Corporate Debtor defaulted on…
- **2016-12-01 — IBC Enfor…**: The Insolvency and Bankruptcy…

## 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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