# In the matter of HIL (India) Limited

> NCLT judgment dated 2025-07-30. Citation: TCN-2025-NCLT-01140. IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 30 Jul 2025
- **Citation:** TCN-2025-NCLT-01140
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/hil-india-limited-ee2f6195

## Summary

### Background

IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against M/s HIL (India) Ltd. due to a financial default of Rs. 29,60,00,905/- as on 07.06.2024.

## Facts

IDBI Bank Limited filed an application under Section 7 of the IBC against M/s HIL (India) Ltd.

The application was filed due to a financial default of Rs. 29,60,00,905/- as on 07.06.2024.

The Corporate Debtor argued that the application is time-barred under the Limitation Act.

The Corporate Debtor also argued that the application is defective for not filing the record of default with an information utility.

The Financial Creditor contended that the application is within limitation due to the recovery certificate issued by the DRT.

The Financial Creditor also contended that the Corporate Debtor acknowledged the debt in its balance sheets and letters.

The Adjudicating Authority admitted the petition and initiated the CIRP.

…

## Issues and analysis

### Issue 1: Whether the present application filed under Section 7 of the Code is time-barred under the …

**Ratio:** A recovery certificate gives rise to a fresh cause of action, and the financial creditor

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**Reasoning:** The Adjudicating Authority considered the date of NPA, the invocation of guarantee, the

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**Interpretation:** The date of default for the purpose of limitation is not strictly the date of

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**Application:** In this case, the Adjudicating Authority found that the application was filed

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## Parties

- **Judges:** Ramalingam…; RAVINDRA CHATURVED…
- **Appellants:** IDBI Bank L…
- **Respondents:** M/s HIL (India)…
- **Other parties:** Rohit S…
- **Advocates:** Sanjay…; Shivam T…; +2 more

## Timeline

- **2024-07-10 — Application…**: IDBI Bank Limited filed an…
- **2025-07-30 — Order Pron…**: The Adjudicating Authority admitted…

## 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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