# In the matter of Lands End Trucking Private Limited CP (IB) No.4-Chd-J&K-2022

> NCLT judgment dated 2022-11-11. Citation: TCN-2022-NCLT-00470. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 11 Nov 2022
- **Citation:** TCN-2022-NCLT-00470
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lands-end-trucking-private-limited-cp-ib-no4-chd-jk-2022-aa040504

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Daimler Financial Services India Private Limited ('petitioner/financial creditor') to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Lands End Trucking Private Limited ('respondent/corporate debtor'). The financial creditor, a non-banking financial company, provided loan facilities to the corporate debtor for purchasing commercial vehicles from Daimler India Commercial Vehicles Private Limited. The corporate debtor defaulted on repayments, leading the financial creditor to recall the loan and issue a demand notice. Despite a Memorandum of Understanding (MoU) for repayment, the corporate debtor failed to meet its commitments.

## Facts

Daimler Financial Services India Private Limited, a non-banking financial company, extended loan facilities to M/s Lands End Trucking Private Limited for purchasing commercial vehicles from Daimler India Commercial Vehicles Private Limited. A Master Loan Agreement was executed on 20.11.2018. The corporate debtor, represented by its Directors Mr. Irfan Reza Ansari and Ms. Samiya Syed, along with Mrs. Sakina Hussain (Guarantor), sought an inventory funding limit of Rs. 10 Crores. The corporate debtor discontinued repayments from 06.11.2019. The financial creditor issued a notice on 18.02.2020, demanding Rs.8,69,19,226.82. A Memorandum of Understanding (MoU) was entered on 22.09.2020, where the corporate debtor agreed to repay Rs.7,66,37,578 by 15.09.2020, with monthly

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## Issues and analysis

### Issue 1: Whether the present application …

**Ratio:** The application must be filed within the

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**Reasoning:** The Adjudicating Authority observed that the application was filed vide Diary No.01506

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**Interpretation:** The limitation period is calculated from the date of default. The application

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**Application:** Since the application was filed on 09.12.2021 and the date of default was

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Daimler Financial…
- **Respondents:** Lands End…

## Timeline

- **2018-11-20 — Master Loan A…**: Execution of Master Loan Agreement between Daimler Financial Services India Private…
- **2019-11-06 — Default on Re…**: Lands End Trucking Private…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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