# In the matter of Nakoda Fruit Products Private Limited

> NCLT judgment dated 2023-10-13. Citation: TCN-2023-NCLT-01220. PNB Housing Finance Limited filed a petition under Section 7 of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 13 Oct 2023
- **Citation:** TCN-2023-NCLT-01220
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nakoda-fruit-products-private-limited-203bf89a

## Summary

### Background

PNB Housing Finance Limited filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Nakoda Fruit Products Private Limited, the Corporate Debtor, due to default on a loan. The petition was filed on 24/01/2023, claiming a total outstanding amount of Rs. 15,18,62,040.07/-.

## Facts

PNB Housing Finance Limited (Financial Creditor) filed a petition under Section 7 of the IBC against Nakoda Fruit Products Private Limited (Corporate Debtor) for defaulting on a loan. The loan application was dated 11.09.2018. The Financial Creditor sanctioned a loan of Rs. 10,52,00,000/- to the Corporate Debtor vide a Sanction Letter dated 29.09.2018, for a tenure of 144 months. The loan was disbursed in installments between 29.09.2018 and 31.05.2019. The Corporate Debtor defaulted in paying the outstanding loan amount, leading to the loan account being classified as a Non-Performing Asset (NPA) on 14.12.2019. A notice dated 15.01.2020 was issued under section 13(2) of the SARFAESI Act, calling upon the Corporate Debtor to pay Rs. 10,61,22,067.16/-. The Financial

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial …

**Ratio:** Section 18 of the Limitation Act states that acknowledgement of debt can extend the

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**Reasoning:** The court observed that the Corporate Debtor submitted OTS proposals to the Financial

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**Interpretation:** Section 18 of the Limitation Act allows for the extension of the limitation

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**Application:** The Corporate Debtor's OTS proposals were considered as acknowledgement of

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** PNB Housing…
- **Respondents:** Nakoda Fruit…
- **Advocates:** Nausher…; Noel Th…; +2 more

## Timeline

- **2018-09-11 — Loan Appli…**: Corporate Debtor submitted a loan…
- **2018-09-29 — Loan Sanc…**: Financial Creditor sanctioned a loan of Rs.…

## 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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