# In the matter of Accurarch Acrylics Private Limited

> NCLT judgment dated 2025-04-09. Citation: TCN-2025-NCLT-01007. 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-01007
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kochi/accurarch-acrylics-private-limited-e5346e6c

## 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 petition was filed due to a default in repayment of a term loan.

## Facts

The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The Corporate Debtor defaulted on a term loan obtained from the Financial Creditor.

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 is a systematically important non-deposit taking Non-Banking Financial Company (NBFC-ND-SI).

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 against the company and the guarantors.

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

…

## Issues and analysis

### Issue 1: Whether the Petition is …

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

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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 period starts from whenever each installment became due. The

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

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## Parties

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

## Timeline

- **2024-06-24 — Petition…**: Kerala State Industrial Development Corporation Limited filed the petition under Section…
- **2024-07-16 — Court Or…**: Court ordered notice to…

## 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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