# In the matter of Rajeshwari Infrastructure Limited CP (IB)-133(CHE)2022

> NCLT judgment dated 2023-05-10. Citation: TCN-2023-NCLT-03417. The case involves an application filed by Intec Capital Limited, the Financial Creditor, under…

- **Court:** NCLT
- **Order date:** 10 May 2023
- **Citation:** TCN-2023-NCLT-03417
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rajeshwari-infrastructure-limited-cp-ib-133che2022-93109f80

## Summary

### Background

The case involves an application filed by Intec Capital Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Rajeswari Infrastructure Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted on loan repayments. The Corporate Debtor argued that the claim was barred by limitation. The Financial Creditor relied on the Corporate Debtor's acknowledgment of debt in its balance sheets for the accounting years 2018-2019, 2019-2020, and 2020-2021, as well as the extension of limitation by the Supreme Court in suo-motu Writ Petition (Civil) No.3 of 2020.

## Facts

Intec Capital Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Rajeswari Infrastructure Limited, the Corporate Debtor. The Corporate Debtor had approached the Financial Creditor for loan/finance facilities to purchase machinery. Two loan agreements were entered into between the parties, with a total amount disbursed of Rs. 4,12,92,760. The Corporate Debtor defaulted on repayment, with the total amount in default claimed to be Rs. 7,74,08,876. The Financial Creditor sent a Loan Recall Notice on 06.02.2015. An Arbitral Award was passed in favor of the Financial Creditor on 05.11.2015, but the Corporate Debtor failed to make the payment.

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## Issues and analysis

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

**Ratio:** The Supreme Court in Asset Reconstruction Company (India) Limited Versus Bishal Jaiswal

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**Reasoning:** The court relied on the Supreme Court's judgment and found that the Corporate Debtor had

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**Interpretation:** Section 18 of the Limitation Act, 1963, provides that where, before the

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**Application:** In this case, the Corporate Debtor's acknowledgment of debt in its balance

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## Parties

- **Judges:** Ramalingam…; Shri. Samee…
- **Appellants:** Intec Capital…
- **Respondents:** Rajeswari…

## Timeline

- **2013-08-28 — Loan Agre…**: Corporate Debtor and Financial…
- **2013-10-14 — Loan Agre…**: Corporate Debtor and Financial…

## 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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