TMI Blog2020 (10) TMI 823X X X X Extracts X X X X X X X X Extracts X X X X ..... ebtor but was deposited by the Allahabad Bank. Accordingly, the submission on the side of the Financial Creditor that fresh period of limitation would start from 18.03.2016 is found devoid of any merit - No other argument was advanced on either side. Though the application filed is complete as per section 7(5) of the Code, the claim being found barred by law of limitation this application is liable to be dismissed. Application dismissed. - CP (IB) No. 1441/KB/2018 - - - Dated:- 16-3-2020 - Jinan K. R. , Member ( J ) And Harish Chander Suri , Member ( T ) For the Appellant : Gopal Pahari , Mandeep Kaur , Mainak Bose , Shweta Gandhi For the Respondent : Udit Agarwal and Kuldeep Mullick , Advocates ORDER Jinan K.R., M ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties from the erstwhile Dena Bank as well as from Allahabad Bank, Punjab National Bank, Uco Bank and United Bank of India, etc, and that the Corporate Debtor has committed default in repayment of the loan as per terms and conditions stipulated in the sanction letter and thereby lead consortium Bank namely Allahabad Bank issued notice under section 13(2) of SARFAESI Act, 2002 demanding repayment of a sum of ₹ 100,57,93,038.60/- (Rs. Hundred Crore Fifty Seven Lakhs Ninety Three Thousand Thirty Eight and Sixty Paise) in total. The Financial Creditor further contends that the default had occurred on 31.08.2012 and total principal outstanding as on 30.09.2018 came to be ₹ 22,66,74,046.95/- (Twenty Two Crore Sixty Six Lakhs Seventy Fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Creditor is to recover the money from the Corporate Debtor and the filing of this application is ex facie a pressure tactic of the Financial Creditor to extort money from the Corporate Debtor. The Financial Creditor has no cause of action against the Corporate Debtor to initiate the proceedings under Section 7 of the Code. The person who has purportedly made the application on behalf of the Financial Creditor claims to be a Power of Attorney holder. A Power of Attorney holder is not competent to initiate any proceedings on behalf of any creditor under the Code. On that ground itself, this application is liable to be dismissed. The Financial Creditor is also guilty of forum shopping and initiated parallel proceedings against the Corporate D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Limitation Act gets attracted. The right to sue , therefore, accrues when a default occurs. If the default has occurred over three years prior to the date of filing of the application, the application would be barred Under Article 137 of the Limitation Act... 8. The Ld. Counsel for the Financial Creditor has admitted that there is no acknowledgement of debt other than repayment of part of debt by the Corporate Debtor on 18.03.2016. According to him an amount of ₹ 47,92,000/- (Forty Seven Lakhs Ninety Two Thousand only) has been deposited by the Corporate Debtor towards the accounts maintained by the Financial Creditor and therefore a fresh period of limitation would start from 18.03.2016 onwards. No other argument was ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Debtor. He took us to the relevant entry in the above said ledger accounts which reads as under:- Trans Date Value Date Chq. Withdrawal Deposit Balance Narration 18-03-2020 18-03-2016 4792000 Cr 30607019.63Dr TR TO BALAJI COKE OF PROPRETY ALLAHABD BANK 11. At the narration column, It is written as TR TO BALAJI COKE OF PROPRTY ALLAHABAD BANK . According to the Ld. Counsel for the corporate debtor the Allahabad Bank being the lead bank of the consortium bank had a pari passu charge over the property of the Corporate Debtor and one among ..... X X X X Extracts X X X X X X X X Extracts X X X X
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