# In the matter of Lepakshi Science and Technology Park Private Limited C.P. (IB) No. 98-BB-2021

> NCLT judgment dated 2022-06-03. Citation: TCN-2022-NCLT-02433. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 3 Jun 2022
- **Citation:** TCN-2022-NCLT-02433
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lepakshi-science-and-technology-park-private-limited-cp-ib-no-98-bb-2021-062a9ca2

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by M/s. Global Emerging Markets India Ltd. (Financial Creditor/Petitioner) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Lepakshi Science and Technology Park Private Limited (Corporate Debtor/Respondent). The claim arises from an Inter Corporate Deposit (ICD) agreement dated 19.03.2012, where the Financial Creditor forwarded Rs. 5,00,00,000/- to the Corporate Debtor. The ICD was executed in furtherance of a Memorandum of Understanding (MOU) dated 07.01.2012, where the Financial Creditor intended to invest in a project undertaken by Lepakshi Knowledge Hub Private Limited (Project Proponent). The Project Proponent had an agreement with the

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## Facts

On 19.03.2012, M/s. Global Emerging Markets India Ltd. (Financial Creditor) and M/s. Lepakshi Science and Technology Park Private Limited (Corporate Debtor) executed an Inter Corporate Deposit (ICD) agreement for Rs. 5,00,00,000/-. The ICD was in furtherance of a Memorandum of Understanding (MOU) dated 07.01.2012 between the Financial Creditor and Lepakshi Knowledge Hub Private Limited (Project Proponent). The Financial Creditor was investing in a project undertaken by the Project Proponent, who had an agreement with the Government of Andhra Pradesh to set up a global knowledge hub. The Project Proponent was to transfer 2000 acres and 650 acres of land to the Corporate Debtor and Lepakshi Heritage Wellness Village Private Limited (Guarantor). The Financial Creditor

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## Issues and analysis

### Issue 1: Whether the application filed under Section 7 of the …

**Ratio:** The period of limitation begins afresh from each date of acknowledgement of the debt in

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**Reasoning:** The Corporate Debtor acknowledged the receipt of Rs. 5,00,00,000/- (Rupees Five Crores

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**Interpretation:** The law provides that the limitation period for initiating CIRP starts afresh

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**Application:** Since the Corporate Debtor acknowledged the debt in its balance sheets until

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## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Appellants:** M/s. Global…
- **Respondents:** M/s. Lepakshi…
- **Advocates:** Dhyan Chi…; Rohan Ko…; +1 more

## Timeline

- **2012-01-07 — Memorandum of…**: MOU entered by the Financial Creditor with Lepakshi Knowledge Hub Private Limited…
- **2012-03-19 — Inter Corporate Deposit…**: Financial Creditor and Corporate Debtor…

## 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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