# In the matter of Shri Aniruddha Wood Private Limited

> NCLT judgment dated 2024-02-21. Citation: TCN-2024-NCLT-02510. The case involves a petition filed by Synergy Wood and Glass Private Limited ('Financial…

- **Court:** NCLT
- **Order date:** 21 Feb 2024
- **Citation:** TCN-2024-NCLT-02510
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shri-aniruddha-wood-private-limited-1a936691

## Summary

### Background

The case involves a petition filed by Synergy Wood and Glass Private Limited ('Financial Creditor/FC') under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Shri Aniruddha Wood Private Limited ('Corporate Debtor/CD') due to default in repayment of a loan. A loan agreement was executed on 20.04.2013 between the Corporate Debtor and Financial Creditor, with a term loan facility of Rs. 1,00,00,000/- to be repaid by 31.03.2014. The Corporate Debtor issued a post-dated cheque and a promissory note for the same amount. Upon non-payment, the Financial Creditor sent letters requesting payment, and the parties entered into a Supplemental Agreement on 15.04.2016. The Corporate Debtor failed to repay the

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## Facts

Synergy Wood and Glass Private Limited (Financial Creditor) extended a loan facility of Rs. 1,00,00,000 to Shri Aniruddha Wood Private Limited (Corporate Debtor) as per a loan agreement dated 20.04.2013. The repayment was due by 31.03.2014. The Corporate Debtor issued a post-dated cheque dated 31.03.2014 and a promissory note dated 20.04.2013 for the loan amount. Upon non-payment, the Financial Creditor sent a letter dated 07.10.2014 requesting payment of Rs. 1,33,36,185 outstanding as of 30.09.2014. The Corporate Debtor acknowledged the debt on 01.12.2014 and expressed willingness to provide land as security. A Supplemental Agreement was entered on 15.04.2016, stating the amount due as of 31.03.2016 was Rs. 2,23,76,209, to be repaid by 31.03.2018. The Corporate Debtor

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor is within the limitation period as prescribed …

**Ratio:** Section 18 of the Limitation Act, 1963, provides that an acknowledgment of liability in

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**Reasoning:** The Corporate Debtor acknowledged the debt in a letter dated 30.04.2019. Considering this

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**Interpretation:** Section 18 of the Limitation Act allows for the extension of the limitation

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**Application:** The Corporate Debtor's acknowledgment of debt on 30.04.2019, coupled with the

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## Parties

- **Judges:** LAKSHMI G…; Charanjeet Singh…
- **Appellants:** M/S SYNERGY WOOD…
- **Respondents:** M/S SHRI ANIRUDDHA…

## Timeline

- **2013-04-20 — Loan Agreement…**: Loan agreement executed between Synergy Wood and Glass Private Limited (Financial…
- **2014-03-31 — Post-dated Cheq…**: Corporate Debtor issued a post-dated…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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