# In the matter of Salasar Ispat Limited

> NCLT judgment dated 2023-07-14. Citation: TCN-2023-NCLT-05317. State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 14 Jul 2023
- **Citation:** TCN-2023-NCLT-05317
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/salasar-ispat-limited-97dc5d4b

## Summary

### Background

State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Salasar Ispat Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default of ₹1,47,50,50,463.03/- with the date of declaration of the Corporate Debtor's debt as Non-Performing Assets (NPA) being 27.06.2013.

## Facts

State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Salasar Ispat Limited.

The total amount claimed to be in default by the Financial Creditor is ₹1,47,50,50,463.03/-.

The date of declaration of the Corporate Debtor's debt as Non-Performing Assets (NPA) is 27.06.2013.

The Financial Creditor sought to exclude the time period of proceedings before the Debt Recovery Tribunal (DRT) under the SARFAESI Act, 2002, based on Section 14 of the Limitation Act, 1963.

The Corporate Debtor did not appear despite notices, and the Adjudicating Authority set the Corporate Debtor ex parte on 1st July 2022.

…

## Issues and analysis

### Issue 1: Whether Section 14 of the Limitation Act, 1963, is applicable to exclude the time period of …

**Ratio:** Section 14 of the Limitation Act allows for the exclusion of time spent in prosecuting a

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**Reasoning:** The Adjudicating Authority considered the conditions for the applicability of Section 14,

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**Interpretation:** The Adjudicating Authority interpreted Section 14 in light of the judgments of

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**Application:** The Adjudicating Authority found that the conditions for the applicability of

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## Parties

- **Judges:** BIDISHA BA…; Balraj…
- **Appellants:** State Bank of…
- **Respondents:** Salasar Ispat…
- **Advocates:** Jishnu Cho…; Uttiyo Ma…; +2 more

## Timeline

- **2010-05-01 — Loan gra…**: Loan granted in May…
- **2010-05-01 — Loan disbursed…**: Loan disbursed/availed…

## 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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