# Omkara Assets Reconstruction Private Limited vs. Matoshree Infrastructure Private Limited

> NCLT judgment dated 2026-08-05. Citation: TCN-2026-NCLT-00796. Omkara Assets Reconstruction Private Limited (Financial Creditor) filed a Section 7 application…

- **Court:** NCLT
- **Order date:** 5 Aug 2026
- **Citation:** TCN-2026-NCLT-00796
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/omkara-assets-reconstruction-private-limited-vs-matoshree-infrastructure-private-1yrli

## Summary

### Background

Omkara Assets Reconstruction Private Limited (Financial Creditor) filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC) against Matoshree Infrastructure Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The application was filed due to the Corporate Debtor's default on multiple construction finance loans originally availed from Housing Development Finance Corporation Limited (HDFC), which were subsequently assigned to Omkara Assets. The total claimed default amount was Rs. 209,72,76,843/- as of February 24, 2025. The Corporate Debtor raised several objections, including that the application was time-barred, lacked proper documentation (Statement of Accounts, Bankers' Books Evidence Act

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## Facts

C.P. (IB) No. 824 of 2025 (Application) was filed on March 1, 2025, by Omkara Assets Reconstruction Private Limited (FC).

The application seeks initiation of CIRP against Matoshree Infrastructure Private Limited (CD).

The application was affirmed by Mr. Piyush Jain, Authorised Representative of Omkara Assets Reconstruction Private Limited, authorized vide Board Resolution dated July 16, 2024.

The amount claimed to be in default is Rs. 209,72,76,843/- as on February 24, 2025.

The date of default for three term loans is stated as March 31, 2019, and for the fourth term loan, it is September 14, 2021.

SSARVI Resolution Services LLP through its Authorised Signatory Mr. Prashant Jain was proposed as the Interim Resolution Professional (IRP).

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## Issues and analysis

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

**Ratio:** Acknowledgment of debt in financial statements and correspondence extends the limitation

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**Reasoning:** The Corporate Debtor consistently acknowledged its liability in annual financial

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**Interpretation:** Section 18 of the Limitation Act allows for extension of limitation based on

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**Application:** The NCLT found that the Corporate Debtor's acknowledgments and the Supreme

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Omkara Assets…
- **Respondents:** Matoshree…
- **Other parties:** Shirish Gunwant…; Housing Developmen…; +2 more
- **Advocates:** Charles D…; Aalisha S…; +4 more

## Timeline

- **2010-05-10 — Development A…**: Corporate Debtor entered into a Development Agreement with Jeevan Nagar Cooperative…
- **2013-07 — Loan Appli…**: Corporate Debtor approached HDFC Limited (Original Lender) seeking construction finance…

## 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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