# In the matter of Maeksin Shipping Co. Private Limited C.P. (IB)-1226-KB-2019

> NCLT judgment dated 2022-07-14. Citation: TCN-2022-NCLT-04591. The case involves a petition filed by Asset Reconstruction Company (India) Limited (Financial…

- **Court:** NCLT
- **Order date:** 14 Jul 2022
- **Citation:** TCN-2022-NCLT-04591
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/maeksin-shipping-co-private-limited-cp-ib-1226-kb-2019-0ca543c2

## Summary

### Background

The case involves a petition filed by Asset Reconstruction Company (India) Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Maeksin Shipping Company Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to default in payment of debt.

## Facts

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

The Financial Creditor, Asset Reconstruction Company (India) Limited, filed the petition against the Corporate Debtor, Maeksin Shipping Company Private Limited.

The Corporate Debtor defaulted in a sum of Rs. 5,95,24,264.00 as on 31 May, 2019.

The Corporate Debtor's account was declared as NPA on 29 March, 2012.

State Bank of India (SBI) had sanctioned term loan and cash credit facility to the Corporate Debtor in 2006.

SBI assigned its debt to the Financial Creditor on 18 July, 2014.

The Corporate Debtor admitted their claim and requested for one time settlement to the Financial Creditor on 22 November, 2017.

…

## Issues and analysis

### Issue 1: Whether the application …

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

…

**Reasoning:** The Corporate Debtor acknowledged the debt in writing, which extends the period of

…

**Interpretation:** Acknowledgment of debt in writing before the expiration of the prescribed

…

**Application:** The Corporate Debtor's acknowledgment of debt within the limitation period

…

## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** Asset Reconstructi…
- **Respondents:** Maeksin Shipping…
- **Other parties:** Soumitra…
- **Advocates:** Victor…; Sourojit Da…; +1 more

## Timeline

- **2012-03-29 — NPA Decla…**: The account of the Corporate…
- **2014-07-18 — Debt Assi…**: SBI assigned its debt 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-kolkata/maeksin-shipping-co-private-limited-cp-ib-1226-kb-2019-0ca543c2