# In the matter of Accurarch Acrylics Private Limited

> NCLT judgment dated 2025-04-09. Citation: TCN-2025-NCLT-01003. Kerala State Industrial Development Corporation Limited filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 9 Apr 2025
- **Citation:** TCN-2025-NCLT-01003
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kochi/accurarch-acrylics-private-limited-2f6de850

## Summary

### Background

Kerala State Industrial Development Corporation Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Accurarch Acrylics Private Limited, the Corporate Debtor, due to a default on a term loan.

## Facts

Kerala State Industrial Development Corporation Limited (KSIDC) filed a petition under Section 7 of the IBC against Accurarch Acrylics Private Limited.

The petition was filed on 24.06.2024.

The total amount claimed to be in default is Rs.10,06,29,063/- as on 31.05.2024.

Accurarch Acrylics Private Limited was incorporated on 18.05.2009.

KSIDC sanctioned a term loan of Rs. 290 lakhs to Accurarch Acrylics Private Limited on 10.12.2011.

The date of NPA was 28.09.2014, and the last payment was made on 28.04.2017.

The Corporate Debtor acknowledged the debt in its financial statements and through requisition letters and emails.

National E-Governance Services Ltd. (NeSL) issued a Record of Default (RoD) to the Applicant.

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## Issues and analysis

### Issue 1: Whether the Petition is …

**Ratio:** Section 18 of the Limitation Act, 1963 is fully applicable to proceedings under the

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**Reasoning:** The Corporate Debtor made requests for restructuring of their loan and also sent an

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**Interpretation:** The limitation period starts from whenever each installment became due. The

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**Application:** The Adjudicating Authority concluded that the petition was not barred by

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## Parties

- **Judges:** Madhu S…; Vinay…
- **Appellants:** Kerala State…
- **Respondents:** Accurarch…
- **Other parties:** Bhaskaran…; Prasannan…; +1 more
- **Advocates:** Akhil S…

## Timeline

- **2011-12-10 — Sanction of T…**: A Term Loan of Rs.290 lakhs was…
- **2014-09-28 — Date of…**: The Financial creditor stated that…

## 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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