# Shankar Khandelwal vs. Omkara Asset Reconstruction Pvt. Ltd. & Anr.

> SC judgment dated 29 Apr 2026. Citation: TCN-2026-SC-00030. The appellant, Shankar Khandelwal, an erstwhile director of Shrinathji Business Ventures Private…

- **Court:** SC
- **Order date:** 29 Apr 2026
- **Citation:** TCN-2026-SC-00030
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/shankar-khandelwal-vs-omkara-asset-reconstruction-pvt-ltd-anr-2ae55683

## Summary

### Background

The appellant, Shankar Khandelwal, an erstwhile director of Shrinathji Business Ventures Private Limited and Samaria Business Ventures Private Limited (Corporate Debtors), is challenging the admission of a Section 7 Insolvency and Bankruptcy Code (IBC) petition. The corporate debtors had defaulted on loans from Dewan Housing Finance Corporation Ltd. (DHFL) in 2014, leading to their accounts being declared Non-Performing Assets (NPA) on 06.12.2016. Subsequently, the loans were assigned to Omkara Asset Reconstruction Pvt. Ltd., the secured financial creditor. This creditor filed an application under Section 7 of the IBC on 23.09.2024, which the NCLT admitted on 22.01.2025, initiating the Corporate Insolvency Resolution Process (CIRP). This NCLT order was affirmed by the

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## Facts

Shankar Khandelwal, the appellant, was the erstwhile Director of Shrinathji Business Ventures Private Limited and Samaria Business Ventures Private Limited (Corporate Debtors).

Dewan Housing Finance Corporation Ltd. (DHFL) sanctioned two separate loans of Rs.12 crores and Rs.11 crores in September 2014 to the corporate debtors, disbursing Rs.11.50 crores and Rs.11 crores respectively.

The corporate debtors defaulted in repayment, and on 06.12.2016, DHFL classified their accounts as Non-Performing Assets (NPA).

DHFL itself entered CIRP following proceedings initiated by the Reserve Bank of India.

On 07.06.2021, a resolution plan submitted by Piramal Capital & Housing Finance Ltd. (PCHFL) was approved by the NCLT, Mumbai, during DHFL's CIRP.

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## Issues and analysis

### Issue 1: Whether the period of limitation for filing the petition under Section 7 of the Code has to be …

**Ratio:** The limitation for filing an application under Section 7 of the Insolvency and Bankruptcy

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**Reasoning:** The Court stated that it is well-settled law that the right to file a petition under

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**Interpretation:** Article 137 of the 1963 Act, when applied to Section 7 IBC applications,

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**Application:** Since the Corporate Debtors' accounts were declared NPA on 06.12.2016, the

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## Parties

- **Judges:** PAMIDIGHANTAM SRI…; J.…; +1 more
- **Appellants:** Shankar Kha…
- **Respondents:** Shrinathji…; Samaria Business…; +1 more
- **Other parties:** Insolvency and…; Limitatio…; +8 more

## Timeline

- **26.09.2014 — Loan Sanc…**: Loan facility sanctioned to…
- **06.12.2016 — NPA Decla…**: Loan Accounts of the Corporate Debtors were…

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