# In the matter of Maneesh Pharmaceuticals Ltd. vs.Export Import Bank of India and Ors

> SC judgment dated 2023-12-15. Citation: TCN-2023-SC-00001. The case involves an appeal against an order of the National Company Law Appellate Tribunal…

- **Court:** SC
- **Order date:** 15 Dec 2023
- **Citation:** TCN-2023-SC-00001
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/maneesh-pharmaceuticals-ltd-vsexport-import-bank-of-india-and-ors-887fba33

## Summary

### Background

The case involves an appeal against an order of the National Company Law Appellate Tribunal (NCLAT), which had set aside an order of the National Company Law Tribunal (NCLT). The NCLT had initially dismissed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by the respondent, Export Import Bank of India, on the ground that the debt was barred by limitation. The NCLAT overturned this decision, holding that the finding of limitation was 'patently illegal'. The Supreme Court is now hearing an appeal against the NCLAT's order.

## Facts

The Export Import Bank of India filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) before the National Company Law Tribunal (NCLT). The NCLT dismissed the application, finding that the debt was barred by limitation. The NCLAT set aside the NCLT's order, holding that the finding of limitation was 'patently illegal'. The NCLAT directed the NCLT to admit the application under Section 7. The Supreme Court is hearing an appeal against the NCLAT's order. The date of NPA in respect of all the four loans are between 2011-06-26 to 2011-07-31 and the Petition has been filed only on 2019-08-30.

## Issues and analysis

### Issue 1: Whether the NCLAT was correct in directing the NCLT to admit the application under Section 7 of the …

**Ratio:** The NCLAT's order should be construed in the context of the nature of the appeal, which

…

**Reasoning:** The Supreme Court reasoned that it was inappropriate for the NCLAT to direct the NCLT to

…

**Interpretation:** The interpretation of the NCLAT's order must be in the context of the appeal

…

**Application:** In this specific case, the Supreme Court applied the ratio by setting aside the

…

## Parties

- **Judges:** Dr Dhananjaya Y…; J.B. PARD…; +1 more
- **Appellants:** Maneesh Pharmaceut…
- **Respondents:** Export Import…; Export-Import…

## Timeline

- **2022-03-25 — NCLT Dism…**: The National Company Law Tribunal (NCLT) dismissed the application filed by the first…
- **2023-05-09 — NCLAT Or…**: The NCLAT set aside the order of the NCLT and held that the finding that the debt was…

## 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)

---

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/supreme-court-of-india/maneesh-pharmaceuticals-ltd-vsexport-import-bank-of-india-and-ors-887fba33