# In the matter of State Bank of India vs. K. Padmanabhan & Ors.

> NCLT judgment dated 2025-06-05. Citation: TCN-2025-NCLT-00927. State Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 5 Jun 2025
- **Citation:** TCN-2025-NCLT-00927
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/state-bank-of-india-vs-k-padmanabhan-ors-b95c22a0

## Summary

### Background

State Bank of India filed a petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mr. K. Padmanabhan, a personal guarantor to Teledata Marine Solutions Limited, for a default amount of Rs. 265,79,48,953.31. The petition was filed on 29.06.2022.

## Facts

State Bank of India filed a petition against Mr. K. Padmanabhan under Section 95 of the IBC, 2016.

The default amount claimed was Rs. 265,79,48,953.31.

The Date of Default specified in the petition was 02.09.2012.

Mr. K. Padmanabhan was a personal guarantor for Teledata Marine Solutions Limited.

A Demand Notice was issued on 12.11.2010 to both the Corporate Debtor and the Personal Guarantors.

Winding up/Liquidation proceedings were ordered against Teledata Marine Solutions Limited under Section 433 Companies Act, 1956.

A Recovery Certificate bearing No. 100/2012 was issued on 04.07.2012 by the Debt Recovery Tribunal-III, Chennai.

The IRP recommended the admission of the application.

The Personal Guarantor contended that the petition was barred by limitation.

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## Issues and analysis

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

**Ratio:** The petition is barred

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**Reasoning:** The Tribunal considered the date of default, the issuance of the recovery certificate,

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**Interpretation:** The Tribunal interpreted the relevant provisions of the Limitation Act and the

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**Application:** Applying the principles established in Tottempudi Salalith, the Tribunal

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** State Bank of…; N.Veerapa…
- **Respondents:** Teledata Marine…; K. Padman…
- **Advocates:** B. Dhan…; H. Karthik…; +9 more

## Timeline

- **2008-03-20 — Deed of Gua…**: Respondent and his wife Mrs. Gayathri Padmanabhan had executed the deed of guarantee on…
- **2010-11-12 — Demand N…**: Financial Creditor send a demand notice on 12.11.2010 to the Corporate Debtor and the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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