# In the matter of Sumeru Buildcon Private Limited

> NCLT judgment dated 2026-03-17. Citation: TCN-2026-NCLT-00290. State Bank of India filed an application under Section 7 of the IBC to initiate CIRP against…

- **Court:** NCLT
- **Order date:** 17 Mar 2026
- **Citation:** TCN-2026-NCLT-00290
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/sumeru-buildcon-private-limited-628ccf81

## Summary

### Background

State Bank of India filed an application under Section 7 of the IBC to initiate CIRP against M/s Sumeru Buildcon Private Limited due to a default of Rs. 40,76,33,602/-. The date of default was 29.06.2021.

## Facts

State Bank of India filed an application under Section 7 of the IBC to initiate CIRP against M/s Sumeru Buildcon Private Limited.

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

The date of default is 29.06.2021.

The Applicant proposed Mr. Srigini Rajat Naidu as the Interim Resolution Professional (IRP).

The Corporate Debtor acknowledged the debt via email dated 29.11.2022.

The Corporate Debtor deposited Rs. 75 Lakhs on 05.04.2023.

The Tribunal declared a moratorium under Section 14 of the IBC.

Mr. Srigini Rajat Naidu was appointed as the Interim Resolution Professional (IRP).

## Issues and analysis

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

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

…

**Reasoning:** The Corporate Debtor acknowledged the debt via email dated 29.11.2022 and deposited Rs.

…

**Interpretation:** The acknowledgment of debt by the Corporate Debtor extends the limitation

…

**Application:** The Tribunal relied on the Supreme Court's judgment in Dena Bank v. C.

…

## Parties

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

## Timeline

- **22.05.2025 — Application…**: C.P. (IB) No.685/MB/2025 (Application)…
- **29.06.2021 — Date of D…**: The date of default is 29.06.2021 as…

## 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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