# Bank of India vs. M/s Golf Technologies Private Limited

> NCLT judgment dated 2026-05-11. Citation: TCN-2026-NCLT-00524. Bank of India (Financial Creditor) filed a Section 7 petition under the Insolvency and…

- **Court:** NCLT
- **Order date:** 11 May 2026
- **Citation:** TCN-2026-NCLT-00524
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/bank-of-india-vs-ms-golf-technologies-private-limited-oxep0

## Summary

### Background

Bank of India (Financial Creditor) filed a Section 7 petition under the Insolvency and Bankruptcy Code, 2016, against M/s Golf Technologies Private Limited (Corporate Debtor) for a default of Rs. 140,49,43,614/- as of January 30, 2025. The Corporate Debtor had availed financial assistance in 2013, defaulted on March 31, 2013, and its account was classified as Non-Performing Asset (NPA) on January 18, 2014. A Recovery Certificate was issued on August 29, 2017, following a Debt Recovery Tribunal (DRT) order.

## Facts

Bank of India (Financial Creditor) filed a Company Petition under Section 7 of the IBC, 2016, against M/s Golf Technologies Private Limited (Corporate Debtor).

The petition was filed on 28.04.2025, alleging a default of Rs. 140,49,43,614/- as on 30.01.2025.

The Corporate Debtor availed financial assistance from Bank of India around 2013, including Fund based facilities (Working Capital Demand Loan) of Rs. 25 Crores sanctioned on 08.01.2013.

A Credit Facility Agreement and a Deed of Guarantee were executed on 08.01.2013.

The Corporate Debtor's loan was restructured on 28.06.2013, but the conditions for restructuring were not met, leading to the original default remaining.

The loan account of the Corporate Debtor was classified as NPA on 18.01.2014, effective from 30.06.2013.

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## Issues and analysis

### Issue 1: Whether the Company Petition filed by the Financial …

**Ratio:** The issuance of a Recovery Certificate gives rise to a fresh cause of action, and

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**Reasoning:** The NCLT relied on Supreme Court judgments (Dena Bank v. C. Shivakumar Reddy, Asset

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**Interpretation:** The legal principle is that the limitation period for initiating insolvency

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**Application:** The Recovery Certificate issued on 29.08.2017 started a fresh limitation

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## Parties

- **Judges:** JYOTSNA S…; Anu Jagmoha…
- **Appellants:** Bank of…
- **Respondents:** M/s. Golf…
- **Other parties:** Amit…
- **Advocates:** Karan G…; Vidhika K…; +4 more

## Timeline

- **2013-01-08 — Sanction of Facilities…**: Bank of India sanctioned Fund based facilities (Working Capital Demand Loan) of Rs. 25…
- **2013-03-31 — Date of D…**: The Corporate Debtor…

## 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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