TMI Blog2020 (1) TMI 106X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 18 of the Limitation Act, 1963. The application under Section 7 is not barred by limitation and the Adjudicating Authority has rightly admitted the application under Section 7 - application admitted - appeal dismissed. - Company Appeal (AT) (Insolvency) No. 731 of 2019 - - - Dated:- 13-11-2019 - Justice S.J. Mukhopadhaya Chairperson, Justice A.I.S. Cheema Member (Judicial) And Kanthi Narahari Member (Technical) For the Appellant : Mr. Abhinav Vasisht, Senior Advocate with Mr. Puneet Yadav, Mr. Sourabh Yadav and Mr. Tarun Arora, Advocates. For the Respondents : Mr. Ashish Rana and Mr. Harshit Garg, Advocates JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l for the Respondents submitted that the application under Section 7 is not barred by limitation for the following reasons: (i) The Corporate Debtor have acknowledged the debt vide letters dated 17th March, 2015, 20th March, 2015 and 5th March, 2018. (ii) The Corporate Debtor has made offer of One-Time Settlement through various letters dated 17th January, 2017, 8th February, 2017 and 23rd March, 2017 to the Hyderabad Asset Recovery Branch with respect to the account maintained with Mid- Corporate Branch. The said letter reflects another acknowledgment of debt by the Corporate Debtor . (iii) On 27th March, 2017, the Bank approved the compromise offer on the terms and conditions mention ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 acknowledged the existence of debt. (v) The Corporate Debtor has acknowledged its debt in the financial statements for the Financial Year 2016-2017 and 2017-2018 filed with the Registrar of Companies. (vi) After issuance of notice dated 4th December, 2013, the Bank has duly taken action under Section 13 (4) of the SARFAESI Act, 2002 throu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 is coupled with a claim to set-off, or is addressed to a person other than a person entitled to the property or right; (b) the word signed means signed either personally or by an agent duly authorised in this behalf; and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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