# In the matter of Pinnacle Nexus Limited CP No. (IB) 4314-MB-2018

> NCLT judgment dated 2022-12-02. Citation: TCN-2022-NCLT-00243. Mrs. Arohi V. Shah, the Financial Creditor, filed a Company Petition seeking to initiate…

- **Court:** NCLT
- **Order date:** 2 Dec 2022
- **Citation:** TCN-2022-NCLT-00243
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pinnacle-nexus-limited-cp-no-ib-4314-mb-2018-e311e45e

## Summary

### Background

Mrs. Arohi V. Shah, the Financial Creditor, filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Pinnacle Nexus Limited, the Corporate Debtor, alleging default in payment. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor allegedly failed to pay an aggregate amount of Rs. 1,52,72,225/-, including a principal amount of Rs. 93,75,000/- and interest of Rs. 61,78,134/- as of May 31, 2018. The Directors of the Corporate Debtor had approached the Financial Creditor for a loan, and the Financial Creditor advanced a loan of Rs. 1,25,00,000/- at an interest rate of 12% per

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## Facts

Mrs. Arohi V. Shah, the Financial Creditor, sought to initiate CIRP against Pinnacle Nexus Limited, the Corporate Debtor, for defaulting on a loan. The Financial Creditor advanced a loan of Rs. 1,25,00,000/- to the Corporate Debtor at 12% interest per annum. The Corporate Debtor made partial payments. The total outstanding amount, including principal and interest, was Rs. 1,52,72,225/- as of May 31, 2018. The loan was disbursed on March 12, 2014, and the last repayment was made on January 20, 2015. The Financial Creditor sent a letter on December 11, 2017, demanding repayment, but the Corporate Debtor did not respond. The Financial Creditor also presented a Statement of Confirmation of Accounts dated April 1, 2015, acknowledging the debt. The petition was filed on

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## Issues and analysis

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

**Ratio:** The limitation period for filing a petition under Section 7 of the IBC is three years

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**Reasoning:** The court reasoned that a fresh period of limitation commenced from April 1, 2015, based

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**Interpretation:** The court interpreted the relevant provisions of the Limitation Act and the IBC

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**Application:** The court applied the limitation period to the facts of the case, considering

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Arohi V.…
- **Respondents:** Pinnacle Nexus…

## Timeline

- **2014-03-12 — Loan Disbur…**: Financial Creditor disbursed the…
- **2015-01-20 — Last Repa…**: Corporate Debtor made the last…

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