# In the matter of Lord Vrindavanbihari Trading Private Limited (IB) No. 355(PB)-2022

> NCLT judgment dated 2023-01-30. Citation: TCN-2023-NCLT-04857. Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 30 Jan 2023
- **Citation:** TCN-2023-NCLT-04857
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lord-vrindavanbihari-trading-private-limited-ib-no-355pb-2022-df69e6c4

## Summary

### Background

Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Lord Vrindavanbihari Trading Private Limited, the corporate debtor and guarantor for a principal borrower that had defaulted on a loan.

## Facts

Bank of Baroda, the financial creditor, disbursed a term loan of Rs. 40 Crores to the principal borrower, NIIL Infrastructure Pvt. Ltd., on August 1, 2014 . This loan was secured by a corporate guarantee from M/s Lord Vrindavanbihari Trading Private Limited, the corporate debtor. The principal borrower's account was declared a Non-Performing Asset ( NPA ) on October 31, 2016, with the last payment received on March 31, 2017. The corporate debtor, as the corporate guarantor, executed a corporate guarantee agreement on August 1, 2014. A letter of acknowledgment of debt by the corporate debtor, dated July 12, 2017 , was also provided. The financial creditor issued a notice under Section 13(2) of the SARFAESI Act on March 26, 2018, to the corporate debtor, followed by a

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## Issues and analysis

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

**Ratio:** The application was filed on May 8, 2022, and the limitation period, considering the

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**Reasoning:** The NCLT noted that the account was declared NPA on October 31, 2016, and the corporate

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**Interpretation:** The NCLT interpreted the Supreme Court's order in SUO MOTO WRIT PETITION (C)

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**Application:** By applying the Supreme Court's waiver, the NCLT determined that the limitation

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Bank of B…
- **Respondents:** M/s LORD VRINDAVAN…
- **Advocates:** For the Financial…; Rakesh Kumar,…; +1 more

## Timeline

- **August 1, 2014 — Credit facility disbursed and corporate…**: A term loan of Rs. 40 Crores was disbursed to the principal borrower, secured by a…
- **October 31, 2016 — Account decla…**: The principal borrower's account was…

## 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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