# In the matter of MITSOM ENTERPRISES PRIVATE LIMITED

> NCLT judgment dated 2026-03-25. Citation: TCN-2026-NCLT-00260. Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 25 Mar 2026
- **Citation:** TCN-2026-NCLT-00260
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/mitsom-enterprises-private-limited-110e7dea

## Summary

### Background

Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Mitsom Enterprises Pvt. Ltd., the Corporate Debtor, due to a default of Rs. 73,69,54,303.34/-. The applicant proposed Mr. Pankaj Sham Joshi as the Interim Resolution Professional (IRP).

## Facts

Canara Bank filed an application under Section 7 of the IBC to initiate CIRP against M/s. Mitsom Enterprises Pvt. Ltd.

The total amount claimed to be in default by the Applicant is Rs. 73,69,54,303.34/-.

The Applicant sanctioned Business Loan Credit Facilities (Open Cash Credit) aggregating to an amount of Rs. 20,00,00,000/-.

The Corporate Debtor (CD) deposited money in their loan account on 31.07.2018, 22.02.2019 and 08.03.2021.

The Applicant issued a notice to the CD vide letter dated 17.12.2024 demanding to pay the outstanding dues amounting to Rs. 76,68,67,016.34/- as on 16.12.2024.

The date of default is mentioned as 28.09.2017 as per the NeSL record of default (Form-D).

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## Issues and analysis

### Issue 1: Whether the application is …

**Ratio:** Section 18 of the Limitation Act allows for the extension of the limitation period if

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**Reasoning:** The Corporate Debtor made payments within the expiry of the original 3-year limitation

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**Interpretation:** Payments made by the CD and the OTS proposal constitute acknowledgment of debt,

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**Application:** The application filed on 01.01.2025 is well within the limitation period due to

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Canara…
- **Respondents:** M/s. Mitsom…
- **Other parties:** Pankaj Sham…
- **Advocates:** Gajendra A.…; Harish A…

## Timeline

- **01.01.2025 — Application…**: Canara Bank filed the…
- **28.09.2017 — Date of D…**: The date of default is mentioned as 28.09.2017…

## 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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