Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + AT Insolvency and Bankruptcy - 2022 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (3) TMI 117 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - time limitation - whether Section 7 application, filed by the Respondent No. 1 purporting to be financial creditor, is not maintainable since he is not an investor but a partner of the corporate debtor? - HELD THAT:- It is clear that the mention of “Without Prejudice” in the two letters dated 3.7.2018 and 11.8.2018 do not imply denial/rebuttal of the debt. The admission of the debt which is explicitly contained in the letter dated 11.8.2018 is quite clear, wherein the corporate debtor has not only admitted the debt, but has also undertaken to pay the amount as decided by DRT-III in its judgment dated 29.4.2016 - the Adjudicating Authority has correctly considered the relevant documents and judgments presented for the purpose of extending limitation and inferred that the Section 7 application submitted by ARCIL is within limitation for the purposes of the IBC. It is admitted fact that Bank of Baroda is a financial creditor and by a valid and legal deed of assignment Bank of Baroda assigns the debt to ARCIL. Hence, ARCIL is without doubt a financial creditor which is entitled to submit an application under section 7 of the IBC for relief - the Adjudicating Authority has committed no error in passing the Impugned Order. There are no reason to interfere with the Impugned Order - appeal dismissed.
|