# In the matter of R. P. Info Systems Ltd.

> NCLT judgment dated 2024-02-19. Citation: TCN-2024-NCLT-02526. The State Bank of India, as a financial creditor, filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 19 Feb 2024
- **Citation:** TCN-2024-NCLT-02526
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/r-p-info-systems-ltd-d7634ec7

## Summary

### Background

The State Bank of India, as a financial creditor, filed an application under Section 7 of the IBC to initiate CIRP against R.P. Info Systems Ltd. due to an alleged default. The application was initially allowed, then set aside by NCLAT on limitation grounds, and subsequently remanded by the Supreme Court for reconsideration on merits, allowing the financial creditor to amend its application.

## Facts

State Bank of India, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against R.P. Info Systems Ltd., the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process ( CIRP ). The total amount claimed in default is Rs. 322.01 Crore as of February 28, 2019. The dates of default are claimed as May 25, 2013, June 17, 2013, and August 29, 2013, when the corporate debtor's account was classified as Non-Performing Asset (NPA) with e-SBBJ, SBI, and e-SBI respectively. These dates were extended by the corporate debtor's admission of debt in its balance sheets on various dates up to September 2, 2019. The corporate debtor, R.P. Info Systems Ltd., has been in the business of producing and distributing

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC is maintainable despite prior attachment of the …

**Ratio:** An attachment order under the PMLA, even if prior to the initiation of CIRP, does not bar

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**Reasoning:** The NCLT considered the interplay between the PMLA and the IBC, noting that both are

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**Interpretation:** The court interpreted Section 32A of the IBC as the legislative intent to

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**Application:** Given that the corporate debtor's assets were attached under PMLA, the NCLT

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## Parties

- **Judges:** BIDISHA BA…; SHRI. D.…; +1 more
- **Appellants:** State Bank of…
- **Respondents:** R.P. INFO SYSTEM…; R.P. Info System…
- **Advocates:** For the State…; Tannya Baranwal,…; +5 more

## Timeline

- **May 25, 2013 — Date of D…**: The corporate debtor's account was classified as Non-Performing Asset (NPA) with e-SBBJ,…
- **June 17, 2013 — Date of D…**: The corporate debtor's account was classified as Non-Performing Asset (NPA) with e-SBBJ,…

## 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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