# In the matter of Nitin Jamnadas Thakkar vs. Axis Bank Limited

> NCLT judgment dated 2024-02-14. Citation: TCN-2024-NCLT-02608. The application was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read…

- **Court:** NCLT
- **Order date:** 14 Feb 2024
- **Citation:** TCN-2024-NCLT-02608
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nitin-jamnadas-thakkar-vs-axis-bank-limited-2840c835

## Summary

### Background

The application was filed under Section 94(1) of the Insolvency and Bankruptcy Code, 2016, read with Rule 6(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority for IRP for Personal Guarantors to Corporate Debtor) Rules, 2019. The applicant/debtor is the personal guarantor of M/s. Maruti Koatsu Cylinders Limited (the "Corporate Debtor"). The application seeks to initiate the Insolvency Resolution Process against the applicant/debtor for amounts of Rs.15,38,78,506.86, Rs.18,26,05,060, Rs.10,32,40,000, and Rs.2,76,93,067.86 in relation to credit facilities extended by IDBI Bank Limited, Axis Bank Limited, Bank of Maharashtra, and Kotak Mahindra Bank Limited, respectively, in favor of the Corporate Debtor. The CIRP against the Corporate

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## Facts

Mr. Nitin Jamnadas Thakkar, residing in Mumbai, is the applicant and personal guarantor for M/s. Maruti Koatsu Cylinders Limited, the Corporate Debtor. The application was filed under Section 94(1) of the IBC, seeking to initiate the Insolvency Resolution Process against Mr. Thakkar. The Corporate Debtor owes amounts of Rs.15,38,78,506.86, Rs.18,26,05,060, Rs.10,32,40,000, and Rs.2,76,93,067.86 to IDBI Bank Limited, Axis Bank Limited, Bank of Maharashtra, and Kotak Mahindra Bank Limited, respectively. The CIRP against the Corporate Debtor was completed, and the Corporate Debtor was restored on resolution with a new entity taking over. A recall notice related to the guarantee was issued on 15.06.2015 but was not acknowledged by the guarantor. The application was filed

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## Issues and analysis

### Issue 1: Whether the application filed by the Personal Guarantor is time-barred under the Insolvency and …

**Ratio:** The law of limitation applies to applications filed under the IBC, and the prescribed

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**Reasoning:** The court observed that the application was filed after a lapse of 8 years and 6 months

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**Interpretation:** The IBC is subject to the laws of limitation, and any application filed beyond

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**Application:** Since the application was filed after the expiry of the limitation period, it

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** NITIN JAMNADAS…
- **Respondents:** Maruti Koatsu…; Axis Bank L…

## Timeline

- **2015-06-15 — Recall Notice…**: A recall notice was issued in relation to the…
- **2023-12-08 — Application…**: The application under Section…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94(1) — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

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