# Omkara Assets Reconstruction Private Limited vs. Mrs. Ritu Jankiprasad Shah

> NCLT judgment dated 2026-07-13. Citation: TCN-2026-NCLT-00767. Omkara Assets Reconstruction Private Limited (Petitioner/Financial Creditor) filed a Company…

- **Court:** NCLT
- **Order date:** 13 Jul 2026
- **Citation:** TCN-2026-NCLT-00767
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/omkara-assets-reconstruction-private-limited-vs-mrs-ritu-jankiprasad-shah-lbiv0

## Summary

### Background

Omkara Assets Reconstruction Private Limited (Petitioner/Financial Creditor) filed a Company Petition under Section 95 of the Insolvency and Bankruptcy Code, 2016, against Mrs. Ritu Jankiprasad Shah (Respondent/Personal Guarantor) to initiate the Insolvency Resolution Process. The debt originated from credit facilities sanctioned by State Bank of India (SBI) to M/s Maharashtra Steel Pvt. Ltd. (Corporate Debtor), for which Mrs. Ritu Jankiprasad Shah provided a personal guarantee. The Corporate Debtor defaulted, and the account was classified as a Non-Performing Asset (NPA) on 31.01.2014. SBI invoked the personal guarantee on 02.07.2014. The debt was subsequently assigned to ASREC (India) Limited and then to Omkara Assets Reconstruction Pvt Ltd. The Petitioner contended

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## Facts

State Bank of India (SBI) sanctioned and disbursed credit facilities aggregating to Rs. 45 Crores to M/s Maharashtra Steel Pvt. Ltd. (Borrower/Corporate Debtor) on 19.11.2009.

Janki Prasad Shah and Mrs. Ritu Jankiprasad Shah executed a Personal Guarantee for the said credit facilities.

Corporate Guarantees were also provided by Maharashtra Steel Rolling Mills Pvt. Ltd. and Maharashtra Steels Investments Pvt. Ltd.

The Corporate Debtor failed to make payments, leading to its account being classified as a Non-Performing Asset (NPA) on 31.01.2014.

SBI initiated action under the SARFAESI Act, 2002, and issued a Section 13(2) notice for a default amount of Rs. 41,43,72,431/- on 02.07.2014.

SBI took physical possession of the factory property at Wada on 22.11.2014.

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## Issues and analysis

### Issue 1: Whether the Petition is …

**Ratio:** A petition under Section 95 of the IBC, 2016, against a personal guarantor must be filed

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**Reasoning:** The cause of action for the present petition accrued on 02.07.2014, when the personal

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**Interpretation:** The NCLT strictly interpreted the provisions of the Limitation Act and IBC,

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**Application:** The NCLT applied Section 238A of the IBC and Section 137 of the Limitation Act,

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Omkara Assets…
- **Respondents:** M/s Maharashtra…; Ritu Jankiprasad…
- **Other parties:** State Bank of…; Asrec (India)…; +1 more
- **Advocates:** Prateek Se…; Rohit G…; +6 more

## Timeline

- **2009-11-19 — Credit Facilities…**: State Bank of India (SBI) sanctioned and disbursed credit facilities aggregating to Rs.…
- **2014-01-31 — Account Classified as…**: The Corporate Debtor's account was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95 — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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