9911796707
TMI Blog2020 (1) TMI 1256X X X X Extracts X X X X X X X X Extracts X X X X ..... Rule 4 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "the Rules") seeking reliefs under Section 7(5)(a) and Section 13(1)(a)(b)(c) of the Code. 2. That the applicant/financial creditor Punjab National Bank is a body corporate established under banking companies (Acquisition and Transfer of Undertaking) Act 1970, having its head office at Corporate Office, Plot No. 4, Dwaraka, Sector 10, New Delhi 110 075 and having circle office at Ellisbridge, Ahmedabad, Gujarat State. 3. The respondent/corporate debtor M/s. Banyan and Berry Alloys Limited is a company incorporated under the Companies Act, 1956 on 04.05.2000, having identification No. U27100GJ2000PLC037961, having its reg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt of their claim. Findings 7. On perusal of the records it is found that despite giving number of opportunities, the corporate debtor has not filed any reply nor appeared in person/through counsel. Therefore, the applicant was directed to go for substituted service by way of publishing in the newspaper and, accordingly, the petitioner had effected newspaper publication. Even after paper publication, none appeared from the side of the corporate debtor, consequent upon which the matter is heard in absence of the corporate debtor. Heard learned lawyer appearing for the financial creditor and also seen the documents annexed therein. 8. On perusal of the records it is found that under the head "particulars of financial debt" the applicant it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 62 is out of the way on the ground that it would only apply suits. The present case being "an application" which is filed under Section 7, would fall only within the residuary Article 137. Therefore, the application filed under Section 7 is clearly time barred." 11. Hon'ble Supreme Court in the recent judgment "Vashdeo R Bhojwani vs. Abhyudaya Co-operative Bank Ltd. & Ann in Civil Appeal No. 11020 of 2018 decided on 2nd September 2019 again held that Article 137 of the Limitation Act is applicable to Section 7 of the I & B Code and the intent of the I & B Code is not to give a new lease of life to debts which are already time barred. 12. In the instant case the applicant has filed the application under Section 7 of the I & B Code on 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
