# In the matter of Hyper Nucleus Solutions Pvt. Ltd. CP (IB) No.522-Chd-Hry-2019

> NCLT judgment dated 2022-08-10. Citation: TCN-2022-NCLT-01399. Sentinel Consultants Pvt. Ltd. filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 10 Aug 2022
- **Citation:** TCN-2022-NCLT-01399
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hyper-nucleus-solutions-pvt-ltd-cp-ib-no522-chd-hry-2019-0d447a02

## Summary

### Background

Sentinel Consultants Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Hyper Nucleus Solutions Pvt. Ltd. The Financial Creditor (FC) claimed that the Corporate Debtor (CD) had defaulted on a loan. The CD had approached the FC for a friendly loan, and the FC had provided a loan of Rs. 1,36,30,000. The CD repaid Rs. 30,50,000 but failed to repay the remaining amount despite reminders. The FC then issued a recalling notice. The FC claimed a total amount of Rs. 1,19,65,013, including principal and interest. The CD admitted to the default but cited financial distress due to the Covid crisis and requested more time to settle the debt.

## Facts

Sentinel Consultants Pvt. Ltd. (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Hyper Nucleus Solutions Pvt. Ltd. (Corporate Debtor). The Corporate Debtor approached the Financial Creditor for a friendly loan. The Financial Creditor provided a loan of Rs. 1,36,30,000 to the Corporate Debtor. The Corporate Debtor repaid Rs. 30,50,000 to the Financial Creditor. The Financial Creditor approached the Corporate Debtor to repay the remaining loan amount via letters dated 10.06.2019 and 08.07.2019. The Corporate Debtor did not show any intention to pay the said amount. The Financial Creditor sent an E-mail dated 19.07.2019 referring to pay the remaining loan

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## Issues and analysis

### Issue 1: Whether the present application …

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

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**Reasoning:** The court observed that the present petition was filed vide Diary No.4710 dated

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**Interpretation:** The court interpreted the relevant dates to determine if the application was

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**Application:** The court applied the dates of default and filing to conclude that the present

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Sentinel Consultan…
- **Respondents:** Hyper Nucleus…

## Timeline

- **2005-01-11 — Corporate Debtor…**: Hyper Nucleus Solutions…
- **2019-06-10 — FC approached CD for…**: Financial Creditor approached Corporate…

## 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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