# In the matter of Mayapur Sales Private Limited C.P. (IB) No. 548-KB-2020

> NCLT judgment dated 2022-05-24. Citation: TCN-2022-NCLT-04776. Hari Charan Gupta, the Financial Creditor, filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 24 May 2022
- **Citation:** TCN-2022-NCLT-04776
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkt-bench/mayapur-sales-private-limited-cp-ib-no-548-kb-2020-bf647312

## Summary

### Background

Hari Charan Gupta, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Mayapur Sales Private Limited, the Corporate Debtor, based on a loan of Rs. 1,00,00,000/- disbursed on April 26, 2011.

## Facts

The Financial Creditor, Hari Charan Gupta, claimed to have disbursed a loan of Rs. 1,00,00,000/- to the Corporate Debtor, Mayapur Sales Private Limited, on April 26, 2011.

The Corporate Debtor allegedly agreed to pay quarterly interest at 18% p.a. on the loan.

The Corporate Debtor made a payment of Rs. 90,000/- as TDS in acknowledgement of its liability to repay the principal sum together with interest.

The Corporate Debtor deposited interest at 9% as TDS for the financial years 2012-2013 and 2013-2014.

The Financial Creditor claimed the Corporate Debtor defaulted in making payments of interest and principal since 2011.

The Financial Creditor sent letters of demand to the Corporate Debtor on September 16, 2013, and September 4, 2019.

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## Issues and analysis

### Issue 1: Whether the application filed by the …

**Ratio:** The application would be barred under Article 137 of the Limitation Act if the default

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**Reasoning:** The NCLT observed that the default was mentioned as 25th July, 2011, and the application

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**Interpretation:** The Limitation Act prescribes a period of limitation for filing suits and

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**Application:** The NCLT did not make a definitive finding on whether the application was

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## Parties

- **Judges:** Rohit K…; Harish Chander…; +1 more
- **Appellants:** Hari Charan…
- **Respondents:** Mayapur Sales…
- **Advocates:** Shaunak…; Zeeshan…; +6 more

## Timeline

- **2011-04-26 — Loan Disbur…**: Financial Creditor disbursed Rs.…
- **2011-07-24 — Date of Default…**: Financial Creditor claimed the…

## Legal provisions

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

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