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2022 (9) TMI 629 - Tri - Insolvency and BankruptcyMaintainability of petition - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - time limitation - authority of the Assistant General Manager - HELD THAT:- It is evident that the said Company Petition has been filed on the basis of a letter of authority of the Assistant General Manager (Administration), State Bank of India, to Sri Sourav Kumar Sharma. The said Sri Sourav Kumar Sharma is an Assistant General Manager of the rank of a Scale V Officer of the State Bank of India - In terms of the Gazette Notification of the Government of India published on 2nd May 1987 all officers of State Bank of India of a grade of SMGC-IV and above are empowered to sign all documents, accounts, receipts, letters etc. In the circumstances, the CP has been affirmed by an authorized and competent officer of the State Bank of India. Existence of debt and dispute or not - HELD THAT:- It is found on the basis of record that the Corporate Debtor has in clear terms acknowledged its debt in its balance sheets from the year ending 31st March, 2018 and 31st March, 2019 which are at page 531, 532 and 613 of the petition under section 7 of the Code. Time Limitation - HELD THAT:- The payment was made within the period of three years from the date of NPA i.e. on 05.08.2013 and when this payment was made on 07.06.2016, a fresh period of limitation under Section 19 of the Limitation Act, 1963 commenced. There is clear acknowledgement of debt by the Corporate Debtor in its balance sheets mentioned above for the year ended 31st March, 2018 and 31st March, 2019. Present petition has been filed on 24.03.2021, therefore the same in within the limitation period. The Corporate Debtor for One Time Settlement. This in itself is an admission of having availed the loan facilities from the applicant Bank and also the default to repay the same - The amount in default is over and above the threshold limit of Rs. One Crore and thus this application is maintainable before this Adjudicating Authority. Application admitted - moratorium declared.
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