# In the matter of Rattan Poultries Pvt. Ltd. CP (IB) No. 59-Chd-Pb-2022

> NCLT judgment dated 2023-02-07. Citation: TCN-2023-NCLT-04748. Canara Bank, as the Financial Creditor, filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 7 Feb 2023
- **Citation:** TCN-2023-NCLT-04748
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rattan-poultries-pvt-ltd-cp-ib-no-59-chd-pb-2022-16215fc3

## Summary

### Background

Canara Bank, as the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Rattan Poultries Pvt Ltd, the Corporate Debtor. The Corporate Debtor was incorporated on 12.05.1999. The Corporate Debtor had a regular account with the petitioner since 2010. In 2015, the Corporate Debtor requested restructuring of loan facilities. The Financial Creditor granted a financial facility of Rs.15,81,99,000/-. In 2018, the Corporate Debtor was further granted a DPN Facility of Rs.100 Lakhs, taking the overall financial facility to Rs.16,81,99,000/-. The Corporate Debtor became irregular in making payments and was classified as Non-Performing Asset on 09.02.2019.

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## Facts

Canara Bank, the financial creditor, initiated CIRP against M/s Rattan Poultries Pvt Ltd, the corporate debtor, under Section 7 of the IBC. The corporate debtor was incorporated on 12.05.1999. The corporate debtor had a regular account with Canara Bank since 2010. In 2015, the corporate debtor requested restructuring of loan facilities. The financial creditor granted a financial facility of Rs.15,81,99,000/-. In 2018, the corporate debtor was further granted a DPN Facility of Rs.100 Lakhs, taking the overall financial facility to Rs.16,81,99,000/-. The corporate debtor became irregular in making payments and was classified as Non-Performing Asset on 09.02.2019. Proceedings under SARFAESI Act, 2002 were initiated on 12.02.2019 and 29.03.2019. The financial creditor

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## Issues and analysis

### Issue 1: Whether the present application …

**Ratio:** The Supreme Court's order in Suo-Moto Writ Petition (C) No. 3/2020 extended the period of

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**Reasoning:** The Adjudicating Authority considered the Supreme Court's order and excluded the period

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**Interpretation:** The Supreme Court's order provided a relaxation in the limitation period due to

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**Application:** The date of default was 10.11.2018. The petition was filed on 18.02.2022. By

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Canara…
- **Respondents:** M/s Rattan…

## Timeline

- **1999-05-12 — Incorporation of…**: M/s Rattan Poultries Pvt…
- **2010-01-01 — Account with Financial…**: The Corporate Debtor had a regular…

## 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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