# In the matter of Oasis Ceramic Private Limited Company Petition No. 1215-(IB)-MB-V-2020

> NCLT judgment dated 2022-12-19. Citation: TCN-2022-NCLT-00111. The case involves a petition filed by Union Bank of India under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 19 Dec 2022
- **Citation:** TCN-2022-NCLT-00111
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/oasis-ceramic-private-limited-company-petition-no-1215-ib-mb-v-2020-9bb76325

## Summary

### Background

The case involves a petition filed by Union Bank of India under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Oasis Ceramic Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Union Bank of India, the Financial Creditor, claimed a default of Rs. 71,20,63,512.14/- including interest, with the date of default stated as 08.05.2015. The Corporate Debtor had applied for restructuring its accounts through the Corporate Debtor Restructuring Cell (CDR), which was approved and later reworked. The Financial Creditor sanctioned various financial assistance to the Corporate Debtor from time to time, with credit facilities sanctioned on 11.08.2005 and subsequently renewed/modified. The Corporate Debtor's account was classified

…

## Facts

Union Bank of India, a banking company, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Oasis Ceramic Private Limited, a private limited company. The Financial Creditor claimed a default of Rs. 71,20,63,512.14/-, including interest, with the date of default stated as 08.05.2015. The Financial Creditor had sanctioned various financial assistance to the Corporate Debtor from time to time, with credit facilities sanctioned on 11.08.2005 and subsequently renewed/modified. The Corporate Debtor's account was classified as NPA on 08.05.2015, and a notice was issued under Section 13(2) of the SARFAESI Act on 31.03.2016. The Petitioner also filed Original Application No. 343 of 2018 at DRT-Aurangabad for recovery of an amount aggregating

…

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016 allows a financial creditor to

…

**Reasoning:** The Tribunal considered the Corporate Debtor's argument that the petition was filed after

…

**Interpretation:** The interpretation of Section 18 of the Limitation Act, 1963, is crucial in

…

**Application:** The Tribunal applied the ratio to the facts of the case, noting that the

…

## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** Union Bank of…
- **Respondents:** Oasis Ceramics…
- **Advocates:** Rohit G…

## Timeline

- **2005-08-11 — Sanction of Credit…**: The Petitioner Bank sanctioned the Credit…
- **2015-05-08 — Date of D…**: The date of default as…

## 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)

---

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/oasis-ceramic-private-limited-company-petition-no-1215-ib-mb-v-2020-9bb76325