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2020 (2) TMI 396 - AT - Insolvency and BankruptcyAdmissibility of petition - CIRP process - corporate debtor failed to make repayment of its debt - period of limitation - HELD THAT:- Admittedly, the 1st Respondent / Bank has filed OA 576/2016 before the ‘Debt Recovery Tribunal’, New Delhi in which the ‘Corporate Debtor’ had remained absent and a decree was passed on 21st May, 2019. In fact, an application for execution of decree is pending before the ‘Debt Recovery Tribunal’. After passing of the decree by the ‘Debt Recovery Tribunal’ in OA 576/2016 the ‘Corporate Debtor’ projected a counter claim of ₹ 111.75 crores on 27.06.2019 claiming damages, loss of profit (including loss of opportunity) on the basis of non-restructuring of its dues. In view of the fact that the default made by the ‘Corporate Debtor’ took place in June, 2015 and that the application u/s 7 of the ‘I&B’ Code was filed by the 1st Respondent of the Bank before the Adjudicating Authority on 30.01.19 and that the account of the ‘Corporate Debtor’ was declared as NPA on 30.09.15, it is held by this Tribunal that the application filed by the Bank before the Adjudicating Authority is barred by Limitation. The ‘Corporate Debtor’ ‘M/s Kew Precision Parts Pvt. Ltd.’ is released from the rigour of the ‘Corporate Insolvency Resolution Process’. All actions taken by the ‘Interim Resolution Professional’ / ‘Resolution Professional’ and ‘Committee of Creditors’, if any, are declared illegal and set aside. The ‘Resolution Professional’ is directed to hand over the records and assets of the ‘Corporate Debtor’ to the promoter/Directors of the ‘Corporate Debtor’ forthwith - the matter is remitted to Adjudicating Authority (‘National Company Law Tribunal’) New Delhi Bench to determine the ‘Fee and Cost’ of ‘Corporate Insolvency Resolution Professional’ as incurred by him, which is to be borne and paid by 1st Respondent / Bank - appeal allowed.
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