TMI Blog2019 (10) TMI 224X X X X Extracts X X X X X X X X Extracts X X X X ..... ng that a default, as defined under the Code, has been made, which default amounts to ₹ 1,00,000/- or more which then triggers the application of the Code on settled principles that have been laid down by several judgments of this Court. Article 141 of the Constitution of India mandates that our judgments are followed in letter and spirit. The date of coming into force of the IBC Code doe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i, Adv. For The Respondent (s) : Mr. Rakesh Dwivedi, Sr. Adv., Mr. Suresh Dutt Dobhal, AOR, Mr. Nirmal Goenka, Adv., Mr. Kunal Vajani, Adv., Mr. Kunal Mimani, AOR And Mr. Varun Ahuja, Adv. JUDGMENT R. F. Nariman, J. 1) By our judgment dated 11.10.2018 in B.K. Educational Services Private Limited vs. Parag G ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y. However, we find in the impugned judgment that Article 62 (erroneously stated to be Article 61) was stated to be attracted to the facts of the present case, considering that there was a deed of mortgage which was executed between the parties in this case. We may point out that an application under Section 7 of the Code does not purport to be an application to enforce any mortgage liability. It ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and direct that the matter be determined afresh. It will be open for both sides to argue the case on facts on the footing that Article 137 of the Limitation Act alone will apply. 5) The appeal is allowed in the aforesaid terms. 6) The NCLT order dated 29.01.2019 shall remain stayed until further orders from the NCLAT. 7) Mr. Rakesh Dwivedi, lea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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