9911796707
TMI Blog2020 (1) TMI 106X X X X Extracts X X X X X X X X Extracts X X X X ..... nancial Creditor') filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short) for initiation of the 'Corporate Insolvency Resolution Process' against 'M/s. Sainath Estates Private Limited'- ('Corporate Debtor'). The Adjudicating Authority (National Company Law Tribunal), Hyderabad Bench, Hyderabad, by impugned order dated 8th July, 2019 admitted the application. 2. Learned counsel appearing on behalf of the Appellant/ Shareholder submitted that the application under Section 7 was barred by limitation. 3. It was submitted that the loan was availed by the 'Corporate Debtor' on 20th August, 2010 from the 'Financial Creditor'. Subsequently, notice issued under Section 13(2) of the SARFAESI Act, 200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and 10th July, 2017. It is submitted that making part payment to the Bank also amounts to acknowledgment of liability by the 'Corporate Debtor' (iv) The Respondent Bank has received following part payments against the outstanding debts in the following M/s. Sainath Estates Pvt. Ltd. Credit received S.No. Date OTS Part Payment Amount Remarks 1 31-Mar-17 5,00,000.00 2 30-Jun-17 95,00,000.00 3 31-Aug-17 1,07,74,714.00 Received from Syndicate Bank 4 29-Jan-18 50,00,000.00 5 23-Feb-18 50,00,000.00 6 18-Apr-18 25,00,000.00 7 21-Apr-18 1,75,00,000.00 Total 5,07,74,714.00 The above clearly establishes that the 'Corporate Debtor' has ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or by any person through whom he derives his title or liability, a fresh period of limitation shall be computed from the time when the acknowledgment was so signed. (2) Where the writing containing the acknowledgment is undated, oral evidence may be given of the time when it was signed; but subject to the provisions of the Indian Evidence Act, 1872 (1 of 1872), oral evidence of its contents shall not be received. Explanation.-For the purposes of this section,- (a) an acknowledgment may be sufficient though it omits to specify the exact nature of the property or right, or avers that the time for payment, delivery, performance or enjoyment has not yet come or is accompanied by a refusal to pay, deliver, perform or permit to enjoy, or i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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