# In the matter of Tirupati Polyplast Irrigation Systems Private Limited

> NCLT judgment dated 2025-04-04. Citation: TCN-2025-NCLT-01023. Encore Asset Reconstruction Company Private Limited, the Financial Creditor (FC), filed an…

- **Court:** NCLT
- **Order date:** 4 Apr 2025
- **Citation:** TCN-2025-NCLT-01023
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/tirupati-polyplast-irrigation-systems-private-limited-b49efa9a

## Summary

### Background

Encore Asset Reconstruction Company Private Limited, the Financial Creditor (FC), filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Tirupati Polyplast Irrigation Systems Private Limited, the Corporate Debtor (CD), due to a default in repayment of a loan.

## Facts

The application was filed on 28.07.2022 under Section 7 of the IBC.

The total amount of default alleged is Rs.4,34,94,573/- as on 31.12.2021.

The date of default as mentioned in Part-IV of the Application is 29.07.2019.

The loan amount of Rs. 3,40,00,000/- was granted to the CD by the Original Lender.

The loan account of the CD was assigned by the Original Lender, Jalgaon Peoples Co-Operative Bank Limited, to the FC on 25.06.2020.

The CD acknowledged its debt owed to the FC through various OTS letters within the limitation period.

The CD made a part-payment of Rs4,99,950/- on 31.03.2021.

The FC proposed the name of Mr. Indrajit Mukherjee as the Interim Resolution Professional (IRP).

## Issues and analysis

### Issue 1: Whether the application …

**Ratio:** The application is not

…

**Reasoning:** The date of default is considered to be 29.07.2019. The application was filed on

…

**Interpretation:** The Tribunal interpreted Section 18 of the Limitation Act, considering the OTS

…

**Application:** The Tribunal applied the principle that an acknowledgment of debt extends the

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** Encore Asset…
- **Respondents:** Tirupati Polyplast…
- **Other parties:** Indrajit Mu…
- **Advocates:** B. Gopalakr…; Nitesh G…; +6 more

## Timeline

- **2019-07-29 — Date of D…**: The date on which the CD's account was…
- **2022-07-28 — Application…**: The date on which the application…

## 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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