# In the matter of Venue Prmoters Private Limited CP(IB)-132 (CHE)2022

> NCLT judgment dated 2023-03-31. Citation: TCN-2023-NCLT-03907. The application was filed by the Financial Creditor under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 31 Mar 2023
- **Citation:** TCN-2023-NCLT-03907
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/venue-prmoters-private-limited-cpib-132-che2022-78c7d9fc

## Summary

### Background

The application was filed by the Financial Creditor under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to an alleged default in repayment of a financial debt.

## Facts

Piramal Capital & Housing Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Venue Promoters Private Limited (Corporate Debtor) on May 13, 2022. The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP), declare a moratorium, and appoint an Interim Resolution Professional (IRP) due to a debt of Rs. 75,00,52,572/-. The Corporate Debtor, along with 19 other associate companies, including M/s. Jeffson Universal Logistics Private Limited, had jointly requested financial assistance from the Financial Creditor towards a Mortgage Loan. A sanction letter dated September 26, 2014, for Rs. 20,00,00,000/- was issued, followed by a Common Loan Agreement and a

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the IBC is barred by …

**Ratio:** An acknowledgment of debt under Section 18 of the Limitation Act extends the limitation

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**Reasoning:** The Corporate Debtor's account was classified as NPA on June 30, 2015. However, a part

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**Interpretation:** The court interpreted Section 18 of the Limitation Act to mean that the letter

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**Application:** Given the acknowledgment of debt on March 12, 2018, the limitation period was

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## Parties

- **Judges:** Ramalingam…; SAMEER…; +2 more
- **Appellants:** PIRAMAL CAPITAL &…; Piramal Capital &…
- **Respondents:** Venue Promoters…
- **Advocates:** Om Pra…; Deepika M…; +2 more

## Timeline

- **September 10, 2007 — Incorporation of…**: Venue Promoters Private Limited was…
- **September 26, 2014 — Sanction Letter and…**: Financial Creditor issued a sanction letter and executed a Common Loan Agreement with the…

## 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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