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2021 (5) TMI 578 - NATIONAL COMPANY LAW TRIBUNAL , BENGALURU BENCHRejection of claim of financial debt filed by the Applicant with the Resolution professional - section 60(5) of the Insolvency and Bankruptcy Code, 2016 r/w Rule 11 of the National Company Law Tribunal Rules, 2016 - HELD THAT:- The Applicant has annexed all the necessary documents required to establish a debt, further, the Applicant has submitted his claim in Form-C within the stipulated period from the public announcement, as per the Code and the Regulations. It is well settled that the date of default/NPA has to be taken as date for ascertaining limitation. The Applicant has rightly taken support from the case decided by the Hon'ble NCLAT, New Delhi in the matter of MR. HARSUKBHAI P. LAKKAD VERSUS BANK OF BARODA (ERSTWHILE DENA BANK) & ANOTHER [2020 (8) TMI 496 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL, NEW DELHI] in where it was held that the date of default/NPA is to considered for counting the period of limitation under Article 137 of the Limitation Act, 1963. There has been no written acknowledgement of debt, however, the date of NPA being 06.11.2019 has to be considered as the date of default. The claim is therefore well within period of limitation, and hence cannot be rejected for that reason - Further, the annexures include Hypothecation Agreement, Deeds of Guarantee for each of the loans. Acknowledgement of debt is not a prerequisite for a claim to be accepted. What is to be seen is whether there are documents to show that there is a debt which has been defaulted - It is clear from the perusal of the application, and the rejection communications that the Resolution Professional has erroneously rejected the claim of the Applicant. Application allowed.
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