# In the matter of Jupiter Coke & Energy Private Limited CP (IB) NO.1873-KB-2019

> NCLT judgment dated 2022-04-26. Citation: TCN-2022-NCLT-03069. The case involves an application filed by State Bank of India (SBI), the Financial Creditor,…

- **Court:** NCLT
- **Order date:** 26 Apr 2022
- **Citation:** TCN-2022-NCLT-03069
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jupiter-coke-energy-private-limited-cp-ib-no1873-kb-2019-7ed559cc

## Summary

### Background

The case involves an application filed by State Bank of India (SBI), the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jupiter Coke and Energy Private Limited, the Corporate Debtor, due to default in payment of financial debt. The financial creditor sanctioned credit facilities to the corporate debtor, which were secured by hypothecation/mortgage of land, personal guarantees, and corporate guarantees. The account of the Corporate Debtor became irregular and was classified as a Non-Performing Asset (NPA) on 28.12.2012. The financial creditor recalled the credit facilities on 14.08.2013.

## Facts

State Bank of India (SBI) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jupiter Coke and Energy Private Limited. SBI had sanctioned credit facilities to Jupiter Coke and Energy Private Limited, secured by hypothecation/mortgage of land, personal guarantees, and corporate guarantees. The Corporate Debtor defaulted in repayment, and the account was classified as NPA on 28.12.2012. SBI recalled the credit facilities on 14.08.2013. The application was filed on 23.09.2019. SBI also filed an Original Application No.78 of 2014 under Section 19 (3) of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 before the Debt Recovery Tribunal (DRT), Kolkata for

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## Issues and analysis

### Issue 1: Whether the application for initiation of Corporate Insolvency Resolution Process (CIRP) under …

**Ratio:** Article 137 of the Limitation Act applies to applications filed under Sections 7 and 9 of

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**Reasoning:** The court reasoned that the date of default was 28.12.2012, and the application was filed

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**Interpretation:** The interpretation of the Limitation Act in the context of the IBC is that the

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**Application:** The court applied the ratio to the facts of the case, finding that the

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** State Bank of…
- **Respondents:** Jupiter Coke and…

## Timeline

- **2010-04-03 — Sanction Lett…**: Date of the sanction letter…
- **2011-12-02 — Repayment Sta…**: Start date for the repayment of the…

## 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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