{"id":210477,"date":"2019-02-21T10:00:14","date_gmt":"2019-02-21T04:30:14","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=210477"},"modified":"2019-02-21T00:39:20","modified_gmt":"2019-02-20T19:09:20","slug":"nclt-article-137-of-limitation-act-not-applicable-to-insolvency-application-under-s-7-ibc-where-corporate-debtor-acknowledges-debt-in-its-balance-sheet","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/21\/nclt-article-137-of-limitation-act-not-applicable-to-insolvency-application-under-s-7-ibc-where-corporate-debtor-acknowledges-debt-in-its-balance-sheet\/","title":{"rendered":"NCLT | Article 137 of Limitation Act not applicable to insolvency application under S.7 IBC where corporate debtor acknowledges debt in its balance sheet"},"content":{"rendered":"

National Company Law Tribunal, Mumbai:\u00a0<\/strong>The Bench of Bhaskara Pantula Mohan, Member (Judicial) and V. Nallasenapathy, Member (Technical) allowed a petition filed by TJSB Sahakari Bank (“the Bank<\/strong>)\u00a0<\/strong>for admission of an application\u00a0under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.<\/p>\n

The Bank was a member of the “SVC Bank Consortium” that sanctioned credit facilities to the Unimetal Castings Ltd.\u00a0(“Corporate Debtor”)<\/strong> on 25-2-2013. The Bank sought initiation of Insolvency Resolution Process against the Corporate Debtor under Section 7 on the ground of default in repayment of the loan to the extent of more\u00a0than Rs 6.38 crores.<\/p>\n

Aditya Pimple, Advocate instructed by\u00a0MAG Legal\u00a0<\/em>representing the Corporate Debtor raised various contentions to oppose the application of the Bank. One of the contentions related to applicability of Limitation Act, 1963 was that the claim of the Bank was barred under Article 137. For this, he relied on a recent judgment in\u00a0B.K. Educational Services (P) Ltd. v. Parag Gupta and Associates,\u00a0<\/em>2018 SCC OnLine SC 1921<\/a> wherein the Supreme Court clarified that the Limitation Act, 1963 is applicable to Insolvency and Bankruptcy Code, 2016. It was submitted that the date of alleged default was 30-06-2015 (the date on which Corporate Debtor’s account was declared a Non-Performing Asset). Furthermore, since the petition was filed on 23-8-2018, i.e., after\u00a0more than 3 years of the date on which the cause of action arose (and also the right to apply accrued), therefore it was barred by limitation.<\/p>\n

Per contra, Nausher Kohli, Advocate instructed by\u00a0DSK Legal\u00a0<\/em>who appeared for the Bank, submitted that the Bank’s name and loan was shown in the balance sheet of the Corporate Debtor for the Financial Year ending 2017. This according to hi was an acknowledgement of liability. And therefore, it was contended that the debt was not barred by limitation even when the insolvency application was filed after 3 years from the date of default.<\/p>\n

The tribunal noted that the Corporate Debtor did not dispute the fact the loan was shown as a liability in\u00a0its balance sheet. It was observed,\u00a0” when the liability is shown in the balance sheet, that is a clear acknowledgement of debt by the Corporate debtor. There are umpteen numbers of judgments to say that the debt shown in the balance sheet is an acknowledgement of liability.”\u00a0<\/strong>In such a view, the Tribunal held that the contention of the Corporate Debtor would not hold water. Having been satisfied that the Corporate debtor defaulted in making\u00a0a payment towards its liability to the Bank, the Tribunal allowed the petition and admitted the bank’s application filed under Section 7 IBC. [TJSB Sahakari Bank Ltd. v. Unimetal Castings Ltd., CP (IB)-3622\/I&BP\/MB\/2108 dated 25-01-2019]<\/p>\n","protected":false},"excerpt":{"rendered":"

National Company Law Tribunal, Mumbai:\u00a0The Bench of Bhaskara Pantula Mohan, Member (Judicial) and V. Nallasenapathy, Member (Technical) allowed a petition filed by <\/p>\n","protected":false},"author":8808,"featured_media":162604,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[32299,30596,33925,33924,24144,33589],"class_list":["post-210477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-balance-sheet","tag-corporate-debtor","tag-insolvency-and-bankruptcy-application-to-adjudicating-authority-rules-2016","tag-insolvency-application","tag-limitation-act","tag-section-7-ibc"],"yoast_head":"\nNCLT | Article 137 of Limitation Act not applicable to insolvency application under S.7 IBC where corporate debtor acknowledges debt in its balance sheet | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2019\/02\/21\/nclt-article-137-of-limitation-act-not-applicable-to-insolvency-application-under-s-7-ibc-where-corporate-debtor-acknowledges-debt-in-its-balance-sheet\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLT | Article 137 of Limitation Act not applicable to insolvency application under S.7 IBC where corporate debtor acknowledges debt in its balance sheet\" \/>\n<meta property=\"og:description\" content=\"National Company Law Tribunal, Mumbai:\u00a0The Bench of Bhaskara Pantula Mohan, Member (Judicial) and V. 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read with Rules 5 and 6 of the Insolvency\u2026","rel":"","context":"In "Business News"","block_context":{"text":"Business News","link":"https:\/\/www.scconline.com\/blog\/post\/category\/news\/business_news\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":356865,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/08\/18\/nclat-3-year-limitation-period-for-section-95-ibc-application\/","url_meta":{"origin":210477,"position":1},"title":"Limitation period of S.95 IBC applications against personal guarantor based on DRT recovery certificate is three years: NCLAT","author":"Editor","date":"August 18, 2025","format":false,"excerpt":"The appellant relying on Tottempudi Salalith v. State Bank of India, (2024) 1 SCC 24, contended that the limitation for filing Section 95 IBC application in the present case must be treated as 12 years and hence the application filed was not barred by time.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Limitation period for Section 95 IBC application","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Limitation-period-for-Section-95-IBC-application.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Limitation-period-for-Section-95-IBC-application.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Limitation-period-for-Section-95-IBC-application.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/08\/Limitation-period-for-Section-95-IBC-application.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":252295,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/05\/insolvency-resolution-process\/","url_meta":{"origin":210477,"position":2},"title":"No bar to amendment of S. 7 IBC petition until final order; Money decree, recovery certificate in financial creditor’s favour gives fresh cause of action to initiate corporate insolvency resolution process: SC \u00a0\u00a0","author":"Editor","date":"August 5, 2021","format":false,"excerpt":"Supreme Court: A Division Bench of Indira Banerjee and V. Ramasubramanian, JJ. held that there is no bar in law to amendment of pleadings in an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 or to filing of additional documents apart from those initially filed, at any\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/MicrosoftTeams-image-13.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/MicrosoftTeams-image-13.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/MicrosoftTeams-image-13.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/MicrosoftTeams-image-13.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/07\/MicrosoftTeams-image-13.png?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":199742,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/08\/06\/insolvency-and-bankruptcy-code-2016-prevails-over-sarfaesi-act-2002-nclat\/","url_meta":{"origin":210477,"position":3},"title":"Insolvency and Bankruptcy Code, 2016 prevails over SARFAESI Act, 2002: NCLAT","author":"Bhumika Indulia","date":"August 6, 2018","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial), dismissed an appeal filed by the Financial Creditor, holding it to be sans merit. The appeal was filed by the appellant Bank (Financial Creditor) against the order passed\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":283000,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/03\/financial-creditor-nclt-corporate-detor-cirp-allowed-appeal-application-condonation-of-delay-nclat-ibc-override-limitation-act-tribunal-no-power-dismissed\/","url_meta":{"origin":210477,"position":4},"title":"NCLAT | IBC overrides Limitation Act; Delay beyond period of 45 days cannot be condoned","author":"Editor","date":"February 3, 2023","format":false,"excerpt":"While adjudicating an appeal file with a delay of 55 days, the Tribunal held that S. 238 IBC overrides S. 12 of the Limitation Act, 1963 and therefore this Tribunal does not have power to condone a delay beyond a period of 45 days.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":351547,"url":"https:\/\/www.scconline.com\/blog\/post\/2025\/06\/26\/a-significant-legal-conundrum-in-section-7-under-the-insolvency-and-bankruptcy-code-2016\/","url_meta":{"origin":210477,"position":5},"title":"A Significant Legal Conundrum in Section 7 under the Insolvency and Bankruptcy Code, 2016","author":"Editor","date":"June 26, 2025","format":false,"excerpt":"by Mridul Chitransh* and Milan Asati**","rel":"","context":"In "Op Eds"","block_context":{"text":"Op Eds","link":"https:\/\/www.scconline.com\/blog\/post\/category\/op-ed\/legal-analysis\/"},"img":{"alt_text":"Insolvency and Bankruptcy Code 2016","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/06\/Insolvency-and-Bankruptcy-Code-2016.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/06\/Insolvency-and-Bankruptcy-Code-2016.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/06\/Insolvency-and-Bankruptcy-Code-2016.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2025\/06\/Insolvency-and-Bankruptcy-Code-2016.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/210477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=210477"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/210477\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/162604"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=210477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=210477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=210477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}