# 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-02706. 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-02706
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hardrock-attachments-private-limited-cp-ib-no-409-kb-2021-3559457a

## 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 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 in payment of the principal amount and interest, totaling Rs. 64,55,80,125.70 as on 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 recovery proceedings before the Debt Recovery Tribunal, Ranchi, based on a recovery certificate issued on 23 February, 2018. The Financial Creditor also attempted to

…

## Issues and analysis

### Issue 1: Whether the petition filed by the …

**Ratio:** The Insolvency and Bankruptcy Code, 2016, prescribes a limitation period for filing

…

**Reasoning:** The court found that the date of default was 28 December, 2013, and the petition was

…

**Interpretation:** The court interpreted the provisions of the Limitation Act and the Insolvency

…

**Application:** The court applied the limitation period to the facts of the case and found that

…

## Parties

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

## Timeline

- **2013-12-28 — Date of D…**: The Corporate Debtor…
- **2017-01-01 — Original Application…**: Financial Creditor filed Original Application…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hardrock-attachments-private-limited-cp-ib-no-409-kb-2021-3559457a