# In the matter of ISHAPE APPLIANCES PRIVATE LIMITED

> NCLT judgment dated 2026-01-30. Citation: TCN-2026-NCLT-00104. Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 30 Jan 2026
- **Citation:** TCN-2026-NCLT-00104
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/ishape-appliances-private-limited-5061529e

## Summary

### Background

Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Ishape Appliances Private Limited due to default in repayment of financial debt.

## Facts

Punjab National Bank filed a petition under Section 7 of the IBC against Ishape Appliances Private Limited.

The Corporate Debtor defaulted on a financial debt of ₹17,13,16,221.85 as on 03.02.2024, with the date of default stated as 30.11.2020.

The Financial Creditor sanctioned credit facilities to the Corporate Debtor vide Sanction Letter dated 22.01.2018.

The Corporate Debtor's loan account was classified as NPA on 30.11.2020.

The Corporate Debtor executed a Balance and Security Confirmation Letter dated 05.01.2021, acknowledging the outstanding liability.

The Financial Creditor initiated recovery proceedings under the SARFAESI Act, 2002, and filed Original Application No. 1285 of 2022 before the Debt Recovery Tribunal, Jabalpur.

…

## Issues and analysis

### Issue 1: Whether the present application under Section 7 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** The application is within

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**Reasoning:** The Corporate Debtor executed Balance and Security Confirmation Letters, acknowledging

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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 acknowledgements of debt extended the limitation period,

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## Parties

- **Judges:** Mohan P.…; SANJEEV S…
- **Appellants:** Punjab National…
- **Respondents:** Ishape Appliances…; Ishape Appliances…
- **Other parties:** Prabhat…
- **Advocates:** Shraddha Ch…; Rajat L…

## Timeline

- **2017-11-27 — Loan Appli…**: Corporate Debtor approached the Financial…
- **2018-01-22 — Sanction…**: Financial Creditor sanctioned credit…

## 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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