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2019 (10) TMI 372

..... exaggerated and barred by limitation - HELD THAT:- Admittedly, the debt in respect of default allegedly exceeded the prescribed amount of Rupees One Lakh. Admission of a claim pursuant to collation and verification of claims by the Resolution Professional is a matter to be dealt with when the Corporate Insolvency Resolution Process is underway. Same is irrelevant at the stage of admission of application under Section 7 of the I&B Code. The challenge on this score is also without substance. The impugned order does not suffer from any legal infirmity - Appeal dismissed. - Company Appeal (AT) (Insolvency) No. 32 of 2019 - 7-5-2019 - Mr Bansi Lal Bhat, Member (Judicial) And Mr Balvinder Singh, Member (Technical) For The Appellant : Mr. Atul .....

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..... 59.35 Crores. The credit facility extended to the Corporate Debtor came to be renewed or enhanced from time to time. It is not in controversy that such credit facilities were duly secured by pledging of core immovable assets in the form of mortgage of immovable properties and hypothecation of stock, receivables and other assets. Account of the Corporate Debtor came to be declared as a Non-Performing Asset (NPA) by the Bank . It happened on 30th September, 2015. Admittedly, the Bank assigned the account of Corporate Debtor to Phoenix ARC Pvt. Ltd. (Financial Creditor) on 31st March, 2016 in terms of Letter of Assignment. According to notice issued by the Financial Creditor u/s 13(2) of SARFAESI Act, 2002, the total amount of default as on 30 .....

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..... clear that the Financial Creditor s claim is well within the period of limitation. 6. We have given our anxious consideration to the arguments advanced at the Bar. Even a cursory look at the record placed before the Adjudicating Authority as also before this Appellate Tribunal brings it to fore that the factum of State Bank of Travancore from whom the loan was raised as far back as 1999 as a duly secured debt was renewed from time to time and finally in the year 2015, and upon declaration of the account of Corporate Debtor as NPA on 30th September, 2015 same being assigned to the Respondent - Financial Creditor, is an admitted position. Apart from the revival letter and the balance confirmation letter executed by the Corporate Debtor in Fe .....

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..... limitation is unfounded. The claim has rightly been held to be within the period of limitation and on this score no fault can be found with the impugned order as regards initiation of Corporate Insolvency Resolution Process. The contention raised is accordingly repelled. 7. In so far as gross exaggeration of claim on the part of Respondent - Financial Creditor is concerned, same appears to be based on a pure surmise. The Appellant has resorted to conjecture which is attributable to pure fancy/ imagination. There is no basis to arrive at a conclusion that subsequent to declaration of the loan account of Corporate Debtor as NPA, the loan was assigned by the Bank to the Respondent - Financial Creditor for a sum of ₹ 39.90 Crores. Assumi .....

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