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2021 (10) TMI 708 - AT - Insolvency and BankruptcyAdmissibility of application filed under CIRP during pendency of the proceeding of SARFAESI Act, 2002 - extension of period of limitation as per section 18 of Limitation Act, 1963 - HELD THAT:- An Application filed under Section 7 of the IBC would not be barred by limitation on the ground that it had been filed beyond a period of three years from the date of classification of a loan account of the Corporate Debtor as NPA if there were an acknowledgement of the debt by the Corporate Debtor before the expiry of the period of limitation of three years, in which case the period of limitation would get extended by a further period of three years. Hon'ble Supreme Court in the case of Dena Bank [2021 (8) TMI 315 - SUPREME COURT], while dealing with the pleadings and documents required to be filed at the time of making an Application under Section 7 of the Code, observed that the Financial Creditor could only fill in the particulars as mentioned in Form-1 and there is no scope for elaborate pleadings. An application under Section 7 cannot be compared with a plaint in a suit. Further, there is no bar for filing documents as required under Section 7 until a final order either admitting a dismissing the Application has been passed. Non-furnishing of information by the Financial Creditor at the time of filing an Application under Section 7 of the Code need not necessarily entail in dismissal of the Application. Instead, an opportunity can be provided to the Financial Creditor till the admission/rejection of petition to provide additional information required for the satisfaction of the Adjudicating Authority with respect to the occurrence of the default - in the instant case, the balance sheet that has been brought on record in the instant case before the Adjudicating Authority shall be taken into consideration while deciding the question of limitation and default on the part of the Corporate Debtor. The said documents cannot be ignored simply on the premise that it is not pleaded in the Application filed in Form-1 for initiation of the Corporate Insolvency Process - A reading of the documents reveals that the Corporate Debtor has acknowledged/subsisting liability to attract the provisions of Section 18 of the Limitation Act, 1963. The present Appeal is liable to be dismissed - Appeal dismissed.
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