# In the matter of Shriram Skill and Education Limited

> NCLT judgment dated 2025-08-08. Citation: TCN-2025-NCLT-01209. Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 8 Aug 2025
- **Citation:** TCN-2025-NCLT-01209
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/shriram-skill-and-education-limited-fb2c8b56

## Summary

### Background

Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against Shriram Skill and Education Limited for an alleged default of Rs. 1,47,31,49,400.91 as on 31.12.2024.

## Facts

Punjab National Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The application seeks initiation of CIRP against Shriram Skill and Education Limited, the Corporate Debtor.

The alleged default amount is Rs. 1,47,31,49,400.91 as on 31.12.2024.

The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 31.03.2017.

The Corporate Debtor submitted various Proposals for One Time Settlement (OTS).

The Corporate Debtor approached the Financial Creditor from time to time requesting the bank for enhancement of the fund based working capital limits, non-fund based, Bank Guarantee limit for its business activities.

…

## Issues and analysis

### Issue 1: Whether the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 is barred …

**Ratio:** The application is not

…

**Reasoning:** The Corporate Debtor acknowledged the debt through letters seeking extension of holding

…

**Interpretation:** An acknowledgement of debt

…

**Application:** The Corporate Debtor's acknowledgement of debt through letters seeking

…

## Parties

- **Judges:** BACHU VENKAT…; Sanjeev R…
- **Appellants:** Punjab National…
- **Respondents:** Shriram Skill and…
- **Other parties:** Prabhakar…
- **Advocates:** Vinod Cha…; Santosh Kum…; +1 more

## Timeline

- **2000-02-04 — Incorpor…**: Shriram Skill and Education Limited (formerly known as M/s New Horizons Limited) is…
- **2008-03-17 — Sanction…**: Applicant/Financial Creditor sanctioned various facilities to the Corporate Debtor and…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-new-delhi/shriram-skill-and-education-limited-fb2c8b56