# in the matter of Man Infraprojects Limited

> NCLT judgment dated 2024-03-22. Citation: TCN-2024-NCLT-01950. STCI Finance Limited, the Financial Creditor, filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 22 Mar 2024
- **Citation:** TCN-2024-NCLT-01950
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/man-infraprojects-limited-0b5482d8

## Summary

### Background

STCI Finance Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Man Infraprojects Limited, the Corporate Debtor, for a total default of Rs. 28,26,69,996/- as of 24.03.2021. The application was initially rejected by the Adjudicating Authority on 24.02.2023 due to limitation issues. The Financial Creditor then filed a Company Appeal before the National Company Law Appellate Tribunal (NCLAT), which was allowed on 07.11.2023, setting aside the impugned order and reviving the application. The tribunal directed the Adjudicating Authority to reconsider the question of limitation. The matter was listed on various occasions, and on

…

## Facts

STCI Finance Limited (Financial Creditor) provided a Corporate Loan of Rs. 10,00,00,000/- and a Short Term Loan of Rs. 7,00,00,000/- to Man Infraprojects Limited (Corporate Debtor). A loan agreement was entered into on 01.12.2015, and various loan security documents were executed. The Corporate Debtor defaulted on repayments. The Financial Creditor claimed a total default of Rs. 28,26,69,996/- as of 24.03.2021, including interest. The Date of NPA was stated as 31.03.2017, and the Date of Default as 02.12.2016. The last payments were made on 06.02.2018 and 07.02.2018. The Corporate Debtor approached the Financial Creditor with OTS proposals on 23.03.2019 and 07.10.2020, which were rejected. The Corporate Debtor admitted to the loans of Rs. 10,00,00,000/- and Rs.

…

## Issues and analysis

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

**Ratio:** The limitation period can be extended based on the last payment made by the Corporate

…

**Reasoning:** The court considered the last payment dates of 06.02.2018 and 07.02.2018, which extended

…

**Interpretation:** The interpretation of the limitation period under the IBC is influenced by the

…

**Application:** The court applied the principle of extended limitation due to the last payments

…

## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Respondents:** Man Infraprojects…

## Timeline

- **2015-12-01 — Loan Agre…**: Financial Creditor and Corporate…
- **2016-12-02 — Date of D…**: Date of Default is…

## Legal provisions

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/man-infraprojects-limited-0b5482d8