# In the matter of SUMERU BUILDCON PRIVATE LIMITED

> NCLT judgment dated 2026-03-17. Citation: TCN-2026-NCLT-00239. State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 17 Mar 2026
- **Citation:** TCN-2026-NCLT-00239
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/sumeru-buildcon-private-limited-510cab01

## Summary

### Background

State Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Sumeru Buildcon Private Limited, the Corporate Debtor, due to a default in repayment of financial debt.

## Facts

State Bank of India, the Financial Creditor, filed C.P. (IB) No.685/MB/2025 on 22.05.2025 under Section 7 of the IBC.

The Corporate Debtor, M/s Sumeru Buildcon Private Limited, had a CIN No. U45200PN2012PTC144824.

The amount claimed to be in default was Rs.40,76,33,602/-.

The date of default was 29.06.2021.

State Bank of India sanctioned two credit facilities: a Cash Credit Facility of Rs. 25 Crore on 29.11.2018 and a Working Capital Term Loan under GECL facility of Rs 4.08 Crore on 10.08.2020.

The Corporate Debtor's account was classified as NPA on 26.09.2021.

The Financial Creditor issued a re-call notice dated 27.10.2021 under section 13(2) of the SARFAESI Act 2002.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

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

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**Reasoning:** The Corporate Debtor acknowledged the debt within the initial limitation period, and a

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**Interpretation:** The Tribunal interpreted Section 18 of the Limitation Act in conjunction with

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**Application:** The Tribunal applied the principle that acknowledgement of debt and subsequent

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** State Bank of…
- **Respondents:** M/s Sumeru…
- **Other parties:** Srigini Rajat…
- **Advocates:** Subir K…; Ashita Ag…

## Timeline

- **2025-05-22 — Application…**: C.P. (IB) No.685/MB/2025 was…
- **2021-06-29 — Date of D…**: The date of default as mentioned in Part…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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