TMI Blog2021 (2) TMI 307X X X X Extracts X X X X X X X X Extracts X X X X ..... position of law that the issue relating to limitation is a mixed question of law and facts, especially in the light of the plea taken by the 1st respondent Bank in Para No.27 of their application. It is brought to the notice of this Court by the respective learned counsel for the parties that the 2nd respondent Tribunal is yet to entertain the application. This Court permits the petitioner, cited as Corporate Debtor in the said application, to raise the plea of limitation by also putting the 1st respondent Bank on notice, and the 2nd respondent Tribunal is requested to decide on the basis of the materials placed, as to the maintainability of the application, especially in the light of the plea taken by the writ petitioner/Corporate Debt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Insolvency and Bankruptcy Code, 2016, against the company, and liquidation was also ordered by National Company Law Tribunal, Chennai Bench, on 09.07.2018, and Resolution Professional also came to be appointed. 4.The 1st respondent Bank has filed an application under Form-C, dated 21.10.2020, under Section 7(2) of the Insolvency and Bankruptcy Rules, 2019, against the petitioner/guarantor for initiation of Corporate Insolvency Resolution Process, and the said application was sent on 12.10.2020, and as per Clause (4) of the Part-III, which deals with particulars of debt, it is stated that the date on which the default occurred was on 17.01.2015 and 15.07.2017, and in the fact sheet related to debt granted and default to Financial Cred ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion within the period of limitation, the OTS letter dated 15.07.2017 said to have been given by the Corporate Debtor pleaded as the limitation period, and has also drawn the attention of this Court to Chapter-III of the Insolvency and Bankruptcy Code, which deals with the Insolvency Resolution Process, and would further add that, since the petitioner/guarantor is an individual and the date of default even according to the 1st respondent Bank was on 17.01.2015, the application is clearly barred by limitation, and in the light of the minimum scope of jurisdiction vest with the National Company Law Tribunal under Section 7 of the Insolvency and Bankruptcy Code, this Court can alone adjudicate the said issue, and prays for appropriate orders. ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
