Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2022 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (2) TMI 146 - AT - Insolvency and BankruptcyAdmissibility of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - It is submitted that efforts were made for settlement in the year 2010-2019 but no settlement could be arrived at - time limitation - validity of assignment agreement - HELD THAT:- The only interim order granted by the High Court was that no coercive action shall be taken against the petitioner till the next listing. The said order cannot be read to mean that assignment in favour of the Respondent was stayed by the High Court. Thus, there are no illegality in filing Application by Respondent No.1 under Section 7. Thus, the said submission does not help the Appellant. Second submission is that objections were raised by the Appellant regarding question of limitation in pursuance of the liberty granted by the Hon’ble Supreme Court on 08.11.2019 which has not been considered on merits by the Adjudicating Authority - HELD THAT:- The Appeal was dismissed by the Hon’ble Supreme Court affirming the judgment of this Appellate Tribunal meaning thereby the view of the Appellate Tribunal that Application is not barred by time was upheld. The fact that liberty was granted to raise certain objections by the Appellant cannot be read to mean that Appellant was permitted to re-agitate the question of limitation again before the Adjudicating Authority which had become final - there are no substance in the submission that objection of limitation could have been raised by the Appellant before the Adjudicating Authority. The question of limitation has become final between the parties since judgment of this Appellate Tribunal was affirmed by the Hon’ble Supreme Court. Efforts made by the Appellant for settlement with the Bank - HELD THAT:- It is always open for the Appellant to settle the matter and file an appropriate Application under Section 12A before the Adjudicating Authority, who if satisfies, can always consider the Application and pass appropriate order. Appeal dismissed.
|