Authority: National Company Law Tribunal (NCLT), Jaipur Bench
Order Date: June 15, 2026
Case Overview
The National Company Law Tribunal (NCLT), Jaipur Bench, comprising Judicial Member Ms. Reeta Kohli and Technical Member Ms. Kavita Bhatnagar, heard a petition (CP No. (IB)-38/7/JPR/2026) filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The petition was initiated by M/s Capital Small Finance Ltd. (Financial Creditor) against M/s Jumbo Samriddhi (India) Ltd. (Corporate Debtor).
The Financial Creditor's case was based on a loan disbursed to the Corporate Debtor in 2018. The account was declared a Non-Performing Asset (NPA) in 2021. Subsequently, in 2022, the Financial Creditor filed an Original Application (OA) before the Debt Recovery Tribunal (DRT) for recovery of the due amount. Counsel for the Financial Creditor argued that the petition was maintainable because the Corporate Debtor had submitted a fresh One-Time Settlement (OTS) proposal on 18 March 2025.
The Bench, however, formed a preliminary opinion that the petition was "barred by limitation with precedents," based on the facts and circumstances of the case. In response, the counsel for the Financial Creditor requested an adjournment to present arguments and substantiate their contention that the petition was not time-barred.
Final Outcome
The NCLT Bench granted the adjournment. The matter was posted for the next hearing on 24 June 2026 to allow the Financial Creditor's counsel an opportunity to argue against the application of the limitation bar.
Topics: Insolvency Proceeding, Limitation Law, Debt Recovery