# In the matter of R R Infopark Private Limited

> NCLT judgment dated 2023-12-12. Citation: TCN-2023-NCLT-00297. The case involves an application filed by JM Financial Asset Reconstruction Company Ltd. under…

- **Court:** NCLT
- **Order date:** 12 Dec 2023
- **Citation:** TCN-2023-NCLT-00297
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/r-r-infopark-private-limited-707ad448

## Summary

### Background

The case involves an application filed by JM Financial Asset Reconstruction Company Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against RR Infopark Private Limited. The Financial Creditor claimed a default of Rs. 198,31,59,760/- as of 21.05.2013. The application was initially filed on 27.06.2019. Settlement talks occurred, and a settlement agreement was entered into, leading to the initial dismissal of the application. However, the Corporate Debtor defaulted on the settlement agreement, prompting the Financial Creditor to file a restoration application, which was allowed. The Corporate Debtor argued that the application was barred by limitation.

## Facts

JM Financial Asset Reconstruction Company Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against RR Infopark Private Limited. The Financial Creditor claimed a default of Rs. 198,31,59,760/- as of 21.05.2013. The application was filed on 27.06.2019. The Corporate Debtor was incorporated on 24.01.1986. The authorized share capital is Rs.110,00,000/- and the paid-up capital is Rs.104,505,200/-. The registered office of the Corporate Debtor is at RR Skyline, Ambattur Industrial Estate, Ambattur, Chennai-58. Initially, Mr. C. Ramasubramanian was proposed as the Interim Resolution Professional (IRP), but later Ms. Sujatha Chattopadhyay was appointed. A term loan of Rs.70.00

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor is barred by limitation under Section 7 of …

**Ratio:** The principle of limitation dictates that legal actions must be initiated within a

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**Reasoning:** The Tribunal considered the arguments of the Corporate Debtor regarding the application

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**Interpretation:** The interpretation of Section 18 of the Limitation Act and its applicability to

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**Application:** The Tribunal applied the ratio of the Supreme Court judgments in Kew Precision

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** JM Financial…
- **Respondents:** RR Infopark…

## Timeline

- **1986-01-24 — Incorporation of…**: RR Infopark Private…
- **2006-11-22 — Term Loan Ag…**: Oriental Bank of Commerce granted a term loan…

## 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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