# In the matter of Timblo Drydocks Pvt. Ltd.

> NCLT judgment dated 2024-03-28. Citation: TCN-2024-NCLT-01913. Canara Bank filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 28 Mar 2024
- **Citation:** TCN-2024-NCLT-01913
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/timblo-drydocks-pvt-ltd-a20b4de2

## Summary

### Background

Canara Bank filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s. Timblo Drydocks Pvt. Ltd. The petition was initially filed on 2020-11-10. An OTS proposal was entered into between the parties, leading to the petition's dismissal as withdrawn on 2023-07-14. Subsequently, due to a breach of consent terms, the Financial Creditor sought restoration of the petition, which was allowed on 2024-01-04.

## Facts

Canara Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against Timblo Drydocks Pvt. Ltd., the Corporate Debtor. The initial petition was filed on 2020-11-10, claiming a total default of INR 123,92,54,212.20/-, with the date of default specified as 2019-10-31. An OTS proposal was entered into between the parties on 2023-06-27, leading to the petition's dismissal on 2023-07-14. However, due to a breach of consent terms, the Financial Creditor sought restoration, which was granted on 2024-01-04. The Financial Creditor had provided Cash Credit Facilities aggregating to INR 140 Crores under various sanction letters. Various collateral securities were executed to secure the repayment of these

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## Issues and analysis

### Issue 1: Whether the petition has been …

**Ratio:** The petition must be filed within the

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**Reasoning:** The Tribunal considered the records and determined that the petition was filed within the

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**Interpretation:** The limitation period is a crucial factor in determining the admissibility of a

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**Application:** The Tribunal found that the petition was filed within the limitation period,

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Canara…
- **Respondents:** Timblo Drydocks…; M/s. Timblo…

## Timeline

- **2020-11-10 — Petition…**: The Company Petition was…
- **2019-10-31 — Date of D…**: The date of default as…

## 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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