Shankar Khandelwal Vs Omkara Asset Reconstruction Pvt. Ltd & Anr. (Supreme Court of India)
The Supreme Court considered appeals under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC) challenging the judgment dated 15.10.2025 of the National Company Law Appellate Tribunal (NCLAT), which had affirmed the National Company Law Tribunal’s (NCLT) order dated 22.01.2025 admitting two applications under Section 7 of the IBC and initiating the Corporate Insolvency Resolution Process (CIRP). The principal issue before the Court was whether the Section 7 applications filed by the secured financial creditor were within the prescribed period of limitation.
The corporate debtors had obtained loan facilities from Dewan Housing Finance Corporation Ltd. (DHFL) in September 2014. Their loan accounts were classified as Non-Performing Assets (NPA) on 06.12.2016. DHFL subsequently underwent CIRP, and its resolution plan in favour of Piramal Capital & Housing Finance Ltd. (PCHFL) was approved on 07.06.2021. PCHFL thereafter assigned the loans to Omkara Asset Reconstruction Pvt. Ltd. The secured financial creditor filed applications under Section 7 of the IBC on 23.09.2024, which were admitted by the NCLT. The NCLAT upheld the admission, holding that the Resolution Professional’s admission of the creditor’s claim during the earlier CIRP on 22.05.2022 and its subsequent update on 21.01.2024 constituted acknowledgments extending limitation.
