# In the matter of Majestic Research Services and Solutions Limited C.P.(IB)No.78-BB-2022

> NCLT judgment dated 2023-05-25. Citation: TCN-2023-NCLT-03190. The Export-Import Bank of India filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 25 May 2023
- **Citation:** TCN-2023-NCLT-03190
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/majestic-research-services-and-solutions-limited-cpibno78-bb-2022-64f74f91

## Summary

### Background

The Export-Import Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Majestic Research Services and Solutions Limited, citing default in repayment of a term loan. The Corporate Debtor had submitted a loan application on 2017-08-18, and the Petitioner sanctioned a term loan under the Overseas Investment Finance Program. The loan details included a sanctioned amount of USD 383,000 dated 2017-10-17, disbursement on 2018-01-23, and repayment terms involving sixteen equal quarterly installments after a moratorium of 12 months from the first disbursement. The Corporate Debtor started defaulting around October 2019, leading the Petitioner to classify the

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## Facts

Export-Import Bank of India (the Petitioner/Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Majestic Research Services and Solutions Limited (the Respondent/Corporate Debtor). The Corporate Debtor submitted a loan application to the Petitioner on 2017-08-18, and the Petitioner sanctioned a term loan under the Overseas Investment Finance Program. The sanctioned amount was USD 383,000, disbursed on 2018-01-23, with repayment terms involving sixteen equal quarterly installments after a 12-month moratorium. The Corporate Debtor started defaulting on repayments around October 2019, leading the Petitioner to classify the account as a Non-Performing

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## Issues and analysis

### Issue 1: Whether the petition is within the period of limitation as per the Insolvency and Bankruptcy Code, …

**Ratio:** The period of limitation for initiating CIRP under Section 7 of the IBC is governed by

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**Reasoning:** The Corporate Debtor acknowledged the outstanding debt of US 359,062.50 and interest USD

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**Interpretation:** The acknowledgment of debt by the Corporate Debtor provides a fresh starting

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**Application:** The Corporate Debtor's acknowledgment of debt on 2019-04-30 extended the

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** Export-Import…
- **Respondents:** M/s. Majestic…

## Timeline

- **2017-08-18 — Loan Appli…**: The Corporate Debtor submitted a…
- **2017-10-17 — Sanction…**: The Petitioner sanctioned a term loan to the Corporate Debtor under the Overseas…

## 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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