# In the matter of B Prashanth Hegde v. State Bank of India and Anr

> SC judgment dated 2026-02-12. Citation: TCN-2026-SC-00011. The case involves an appeal against the order of the National Company Law Appellate Tribunal…

- **Court:** SC
- **Order date:** 12 Feb 2026
- **Citation:** TCN-2026-SC-00011
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/b-prashanth-hegde-v-state-bank-of-india-and-anr-6cebb50f

## Summary

### Background

The case involves an appeal against the order of the National Company Law Appellate Tribunal (NCLAT), Principal Bench at New Delhi, which dismissed the appeal of the suspended Managing Director of the Corporate Debtor (CD) and held that the Section 7 application was within limitation.

## Facts

State Bank of India (SBI) filed an application under Section 7 of the IBC against M/s. Metal Closure Pvt. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP).

The Corporate Debtor (CD) contested the application, arguing it was filed beyond the 3-year limitation period.

The National Company Law Tribunal (NCLT), Bangalore Bench, admitted the CIRP petition on 14.12.2018.

The suspended Managing Director of CD filed an appeal against the NCLT order before NCLAT.

NCLAT dismissed the appeal on 26.09.2019, holding that the limitation period was 12 years under Article 62 of the Schedule to the Limitation Act, 1963.

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 of IBC was liable to be dismissed for lack of material …

**Ratio:** The application was comprehensively amended pursuant to the order of the Supreme Court

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**Reasoning:** The purpose of providing the necessary particulars in a prescribed form is to give a

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**Interpretation:** The Supreme Court interpreted Section 7 of IBC and the 2016 Rules to mean that

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**Application:** The Supreme Court applied the above interpretation to the facts of the case and

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## Parties

- **Judges:** Manoj M…; PAMIDIGHANTAM SRI…
- **Appellants:** B. Prashant…
- **Respondents:** M/s.Metal Closure…; State Bank of…
- **Other parties:** State Bank of…; Punjab National…; +2 more

## Timeline

- **2018-12-14 — CIRP Admi…**: NCLT, Bangalore Bench…
- **2019-09-26 — NCLAT Dis…**: NCLAT dismissed the appeal of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 62 — Appeal to Supreme Court](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-62)

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