9911796707
TMI Blog2020 (11) TMI 550X X X X Extracts X X X X X X X X Extracts X X X X ..... 6.09.2020 passed by the Adjudicating Authority (National Company Law Tribunal), Indore Bench at Ahmedabad, Court-1, whereby and whereunder, its application under Section 7 of the Insolvency and Bankruptcy Code, 2016 ("I&B Code" for short) has been rejected for being hit by limitation. The Appellant assails the impugned order primarily on the ground of there being an acknowledgment on the part of the Corporate Debtor in the form of revival letter extending the period of limitation which is said to have been overlooked by the Adjudicating Authority while passing the impugned order. 2. Shri Arun Kathpalia, Senior Advocate representing the Appellant has referred to Annexure A-14 to appeal paper book (page 687) which is a One Time Settlement pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the 'I&B Code' before the Adjudicating Authority on 19.09.2018 was dismissed on 10.06.2014 in terms of the impugned order on the ground that the same was barred by limitation. It is well settled by now that the provisions of the Limitation Act, 1963 were applicable to proceedings under 'I&B Code' from its very inception and the provisions of Section 238A introduced subsequently are merely clarificatory in nature. The Hon'ble Apex Court has, in a catena of authorities held that the applications under Sections 7 and 9 of the 'I&B Code' not being a suit are governed under the residuary provision engrafted in Article 137 of the Limitation Act which prescribes a period of three years as limitation. In "B.K. Educational Services Private Limite ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ancial Creditor, in the instant case, has approached Debts Recovery Tribunal on 20th October, 2015. In the given circumstances, it cannot lie in the mouth of the Appellant that the date of default gets extended on account of acknowledgment made in the OTS proposal emanating from the Corporate Debtor. There cannot be two defaults in respect of the same debt, one for the purpose of claim filed before the Debts Recovery Tribunal and the other for purposes of 'I&B Code' based on OTS proposal, more so when in application filed before the Adjudicating Authority in prescribed format date of default has unambiguously been reflected as 10th June, 2014. The application having been filed before the Adjudicating Authority beyond three years of occurren ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
