# In the matter of Shree Padmawati Metaliks Pvt. Ltd.

> NCLT judgment dated 2024-01-18. Citation: TCN-2024-NCLT-03008. The case involves an application (IA(I.B.C)/1427(KB)2022) filed by State Bank of India (SBI) in…

- **Court:** NCLT
- **Order date:** 18 Jan 2024
- **Citation:** TCN-2024-NCLT-03008
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-padmawati-metaliks-pvt-ltd-a53b17dc

## Summary

### Background

The case involves an application (IA(I.B.C)/1427(KB)2022) filed by State Bank of India (SBI) in an ongoing Corporate Insolvency Resolution Process (CIRP) against Shree Padmawati Metaliks Pvt Ltd. The application seeks permission to file a rejoinder affidavit to address the Corporate Debtor's claim that the petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) is barred by limitation. The bank contends that it was compelled to engage a new counsel because the previous counsel did not seek time to file the rejoinder. The Corporate Debtor argues that the petition is indeed barred by limitation and that the bank is attempting to introduce new facts through the rejoinder.

## Facts

State Bank of India (SBI) initiated Corporate Insolvency Resolution Process (CIRP) against Shree Padmawati Metaliks Pvt Ltd. SBI filed an application (IA(I.B.C)/1427(KB)2022) seeking permission to file a rejoinder affidavit in response to the Corporate Debtor's claim that the petition is barred by limitation. The Corporate Debtor filed a reply affidavit stating that the petition is barred by limitation. The bank contends that the previous counsel did not seek time to file the rejoinder, necessitating the engagement of a new counsel. The bank seeks to introduce details regarding the date of default, date of NPA, OTS proposals, and details of a civil suit and writ petition filed by the Corporate Debtor before the High Court at Calcutta. The Corporate Debtor acknowledged

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## Issues and analysis

### Issue 1: Whether the applicant (State Bank of India) should be allowed to file a rejoinder affidavit at this …

**Ratio:** Rule 42 of the NCLT Rules, 2016 empowers the Tribunal to allow the filing of a rejoinder

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**Reasoning:** The court reasoned that the Financial Creditor should not suffer due to the lapse of the

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**Interpretation:** Rule 42 of the NCLT Rules, 2016 provides the NCLT with the discretion to allow

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**Application:** The court applied Rule 42 of the NCLT Rules, 2016 to the specific facts of the

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** State Bank of…
- **Respondents:** Shree Padmawati…

## Timeline

- **2023-11-10 — Date of H…**: The hearing for the IA…
- **2024-01-18 — Date of Prono…**: The order was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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