# In the matter of Omkara Asset Reconstruction Pvt. Ltd. vs. Ajit Chand Srimal

> NCLT judgment dated 2025-10-07. Citation: TCN-2025-NCLT-01533. The case involves an application/petition filed by Omkara Assets Reconstruction Pvt. Ltd.…

- **Court:** NCLT
- **Order date:** 7 Oct 2025
- **Citation:** TCN-2025-NCLT-01533
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/omkara-asset-reconstruction-pvt-ltd-vs-ajit-chand-srimal-9b4fd75e

## Summary

### Background

The case involves an application/petition filed by Omkara Assets Reconstruction Pvt. Ltd. against Ajit Chand Srimal under Section 95 of the IBC, 2016, related to a personal guarantee.

## Facts

There are various deeds of guarantees dated 01.12.1994, 01.01.1996, 15.04.1997 & 01.01.1998.

The date of default is stated as 31.12.2001.

The demand notice was sent on 14.07.2021.

The Recovery Certificate date is 07.05.2012.

The petition was filed on 16.07.2023.

The date of default in Part III of Form C is stated as 22.09.2012 (after serving demand notice dated 13.08.2012).

## Issues and analysis

### Issue 1: Whether the petition is …

**Ratio:** The petition is not

…

**Reasoning:** The court found discrepancies in the dates of default and the demand notice, with the

…

**Interpretation:** The court interpreted the limitation period based on the dates provided and

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**Application:** The court applied the principle that the date of default should be subsequent

…

## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** Omkara Assets…
- **Respondents:** Ace Laboratories…; Ajit Chand…
- **Advocates:** Lalit Kishore…; Arvind…; +1 more

## Timeline

- **1994-12-01 — Deed of Gua…**: One of the deeds of…
- **1996-01-01 — Deed of Gua…**: One of the deeds of…

## 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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