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

> NCLT judgment dated 2024-02-14. Citation: TCN-2024-NCLT-02607. The case involves an application filed under Section 94(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 14 Feb 2024
- **Citation:** TCN-2024-NCLT-02607
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nitin-jamnadas-thakkar-vs-axis-bank-limited-9eb774c0

## Summary

### Background

The case involves an application 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, Nitin Jamnadas Thakkar, 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 due to credit facilities extended by IDBI Bank Limited, Axis Bank Limited, Bank of Maharashtra, and Kotak Mahindra Bank Limited in favor of the Corporate Debtor. The CIRP against Maruti Koatsu Cylinders Limited was completed, and the Corporate Debtor was restored on resolution with a new

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## Facts

Nitin Jamnadas Thakkar is the personal guarantor for Maruti Koatsu Cylinders Limited. The application was filed under Section 94(1) of the IBC, seeking to initiate the Insolvency Resolution Process against Nitin Jamnadas Thakkar. Maruti Koatsu Cylinders Limited underwent CIRP, which was completed, and the company was restored under a resolution plan with a new entity taking over. The application was filed due to credit facilities extended by IDBI Bank Limited, Axis Bank Limited, Bank of Maharashtra, and Kotak Mahindra Bank Limited, for which Nitin Jamnadas Thakkar provided a personal guarantee. A recall notice was issued on 15.06.2015, and the application was filed on 08.12.2023, which is beyond the 3-year limitation period. Axis Bank Limited is within the Ahmedabad

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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 limitation

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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:** Section 137 of the Limitation Act, 1963, applies to the IBC 2016, as decided by

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**Application:** The application was filed after the limitation period of 3 years had expired.

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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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