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2020 (6) TMI 557 - AT - Insolvency and BankruptcyCIRP process - application was admitted by the Adjudicating Authority by impugned Order dated 22nd October 2019 against Corporate Debtor the present Appeal by Director of the suspended Board of Corporate Debtor - dispute of limitation - Tribunal has concluded that a Decree cannot be executed by resorting to Application under Section 7 and the debt does not become in default when Judgment and Decree is passed by DRT - HELD THAT - It is clear from the judgments of Hon ble Supreme Court referred by this Tribunal in the matter of SH G ESWARA RAO VERSUS STRESSED ASSETS STABILISATION FUND M/S SARITHA SYNTHETICS AND INDUSTRIES LTD. 2020 (5) TMI 424 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI that the applicable provision is Article 137 of the Limitation Act 1963 and the relevant date is date of default for the purpose of Application under Section 7 or Application under Section 9 of Insolvency and Bankruptcy Code 2016. Once the time starts running subsequent filing of the Application to DRT and judgment passed by DRT does not make a difference for the purposes of provisions of I B Code. We further reject the submission that because in Section 3(10) of I B Code in definition of Creditor the decree holder is included it shows that decree gives cause to initiate application under Section 7 of I B Code. Section 3 is in Part I of I B Code. Part II of I B Code deals with Insolvency Resolution And Liquidation For Corporate Person has its own set of definitions in Section 5. Section 3 (10) definition of Creditor includes financial creditor operational creditor decree-holder etc. But Section 7 or Section 9 dealing with Financial Creditor and operational creditor do not include decree-holder to initiate CIRP in Part II. The impugned order passed by Adjudicating Authority is set aside and the Application under Section 7 of I B Code filed by the Respondent is dismissed - appeal allowed.
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