# In the matter of Maa Ratanti Kalimata Cold Storage Private Limited

> NCLT judgment dated 2024-01-25. Citation: TCN-2024-NCLT-02913. UCO Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against…

- **Court:** NCLT
- **Order date:** 25 Jan 2024
- **Citation:** TCN-2024-NCLT-02913
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maa-ratanti-kalimata-cold-storage-private-limited-09ddcdd5

## Summary

### Background

UCO Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Maa Ratanti Kalimata Cold Storage Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was filed due to the Corporate Debtor's alleged default in payment of Rs. 22,89,48,278.60. The Corporate Debtor argued that the date of NPA classification should not be considered the date of default and that the petition was filed after the limitation period. The Financial Creditor claimed that the Corporate Debtor defaulted on loan repayments, leading to the NPA classification.

## Facts

UCO Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Maa Ratanti Kalimata Cold Storage Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated on 13 February 2014. The Financial Creditor had advanced a loan of Rs. 10,00,00,000 to the Corporate Debtor on 27 August 2015. The Corporate Debtor applied for a Term Loan Facility of Rs. 20,88,000. Several loan agreements were entered into, and amounts were enhanced and disbursed. The Corporate Debtor's account was declared as NPA on 07 June 2019. The Financial Creditor issued a notice under section 13(2) of the SARFAESI Act, 2002, and another notice on 20 September 2019.

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## Issues and analysis

### Issue 1: Whether the date of NPA can be considered as the date of default for calculating the period of …

**Ratio:** The date of NPA cannot be considered while calculating limitation, and the date of

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**Reasoning:** The court relied on precedents from the NCLAT and the Supreme Court, which held that the

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**Interpretation:** The interpretation of Section 7 of the IBC, along with relevant case laws,

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**Application:** In this case, the date of NPA was 07 June 2019. Calculating 90 days before this

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** UCO B…
- **Respondents:** Maa Ratanti…

## Timeline

- **2014-02-13 — Incorporation of…**: Maa Ratanti Kalimata Cold Storage…
- **2015-08-27 — Loan Agre…**: Financial Creditor advanced a loan of Rs.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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