# In the matter of ACCURARCH ACRYLICS PRIVATE LIMITED

> NCLT judgment dated 2025-04-09. Citation: TCN-2025-NCLT-01083. 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-01083
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kochi/accurarch-acrylics-private-limited-6cb21ee6

## Summary

### Background

Kerala State Industrial Development Corporation Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Accurarch Acrylics Private Limited for initiating the Corporate Insolvency Resolution Process (CIRP). The claim was for Rs. 10,06,29,063/- as on 31.05.2024.

## Facts

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

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

The Corporate Debtor was incorporated on 18.05.2009.

The Financial Creditor sanctioned a term loan of Rs. 290 lakhs to the Corporate Debtor on 10.12.2011.

The Financial Creditor stated that the date of NPA is 28.09.2014.

The Corporate Debtor acknowledged the debt in its Financial Statements and Notes to Accounts.

The Financial Creditor issued a Revenue Recovery Requisition in July 2016.

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:** The claim of money by Respondent is

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**Reasoning:** The Corporate Debtor made request for restructuring of their loan and also sent an e-mail

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**Interpretation:** The limitation would start from

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**Application:** Issue No.1 would be in

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## Parties

- **Judges:** Madhu S…; Vinay…
- **Appellants:** Kerala State…
- **Respondents:** Accurarch…
- **Other parties:** Rajmoha…; Bhaskaran…; +9 more
- **Advocates:** Akhil S…

## Timeline

- **2024-06-24 — Petition…**: Kerala State Industrial Development Corporation Limited filed a petition under Section 7…
- **2024-07-16 — Court Or…**: Order of the court regarding…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(7) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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