# In the matter of Kaushik Global Logistics Limited CP(IB) No. 1180-KB-2020

> NCLT judgment dated 2022-06-10. Citation: TCN-2022-NCLT-04672. State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 10 Jun 2022
- **Citation:** TCN-2022-NCLT-04672
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/kaushik-global-logistics-limited-cpib-no-1180-kb-2020-e9b5d2df

## Summary

### Background

State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kaushik Global Logistics Limited, citing default on loan repayments.

## Facts

State Bank of India granted loan and various credit facilities to Kaushik Global Logistics Limited since 3rd June, 2006.

The credit facilities were enhanced from time to time, with the limits last sanctioned on 29th November, 2012.

Kaushik Global Logistics Limited failed to repay the principal amount along with interest.

A demand notice dated 7th November, 2013 was issued to the Corporate Debtor.

The account was classified as Non-Performing Asset (NPA) on 30th June, 2013.

The principal amount due is Rs. 56,17,56,449.28 as on 30.10.2020, and the total amount outstanding including interest is Rs. 1,74,90,29,794/- as on 30.09.2020.

The Corporate Debtor made part payments towards an OTS proposal in November 2016.

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 …

**Ratio:** Section 18 of the Limitation Act gets attracted the moment acknowledgment in writing

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**Reasoning:** The Corporate Debtor admitted its dues and made part payments towards an OTS proposal.

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**Interpretation:** The acknowledgments of debt by the Corporate Debtor extended the period of

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**Application:** The application was filed within

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## Parties

- **Judges:** Rohit K…; Harish Chander…; +1 more
- **Appellants:** State Bank of…
- **Respondents:** Kaushik Global…
- **Other parties:** Ram Ratan…
- **Advocates:** Reetobroto Kr.…; Joydip Muk…; +5 more

## Timeline

- **2006-06-03 — Loan Gra…**: State Bank of India granted loan and various credit facilities to Kaushik Global…
- **2012-11-29 — Credit Facilities…**: The credit facilities were enhanced from time to time, with the limits last sanctioned on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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