TMI Blog2021 (7) TMI 1009X X X X Extracts X X X X X X X X Extracts X X X X ..... valid, On perusal as per clauses no. 10, 11 and 12 of the power of attorney mentioned that the applicant is authorized to initiate and prosecute insolvency proceedings by and on behalf of the bank. From the date of authorization to the applicant bank has never revoked the Power of Attorney. Hence, the question that the application is not authorized to file the present application does not arise. Time Limitation - HELD THAT:- The other plea regarding the petition is barred by limitation is also not valid, On perusal of balance sheet and auditor's report it is noted that the corporate debtor, has itself acknowledged its liabilities. The recent judgment passed by the Hon'ble Supreme Court in Asset Reconstructions Company India Li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ution process [hereinafter referred to as CIRP ) against M/s. Nakoda Ltd. the corporate debtor for the default amount of ₹ 375,2.7,17,744.84/- along with interest and penal Interest aggregating to ₹ 908,68,77,953.84/- and the date of default is 31.12.2019. 2. It is stated that from 1986 to 2013, the Financial Creditor granted and disbursed in favour of the Corporate Debtor aggregated loan of ₹ 428.00 crores including cash credit and Term Loan Facilities. The term of loan and credit facilities were extended and enhanced from time to time. The account of the corporate debtor was classified as NPA on 31.05.2014. The last credit entry in the accounts of the corporate debtor was on 12.10.2015 for an amount of ₹ 5,55,9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... owledged its liabilities. The recent judgment passed by the Hon'ble Supreme Court in Asset Reconstructions Company India Limited Versus Bishal Jaiswal held that the entries made in the balance sheet of corporate debtor amount to an acknowledgement of debt under section 18 of Limitation Act, 1963 and, would extend the period of limitation. It is also noted that the amount is due and payable and more than the threshold limit as prescribed under section 4 of the IB Code. The default has occurred. The question of limitation is also not arisen as seen from the record it proves that the CD has already acknowledged the debt in its balance sheet and auditor's report. Hence, considering the facts and circumstances of the case, we hold t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Debtor) any of Corporate Debtor assets or any legal right or beneficial interest therein; any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the SARFAESI Act, 2002 the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the Corporate Debtor. V. Further, litigation or any application, if any, is pending before any competent Court of law under the provisions of the SARFAESI Act and RDB Act, before the pronouncement of this order such proceedings are expected to be dealt with in accordance with law i.e. Section 14 and Section 238 of the Insolvency Bankruptcy Code, 2016. VI. That ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gation imposed by Section 20 of the Insolvency Bankruptcy Code, 2016. X. We direct the Financial Creditor/Applicant to pay the IRP a sum of ₹ 50,000/- (Rs. Fifty thousand only.) as fees expenses till the COC decides about his fees/expenses. XI. The Registry is directed to communicate this order to the Petitioner-Financial Creditor, Corporate Debtor, and the Interim Resolution Professional and the concerned Registrar of Companies, after completion of necessary formalities, within three working days and upload the same on the website immediately after pronouncement of the order. XII. The commencement of the Corporate Insolvency Resolution Process (CIRP) shall be effective from the date of this order. XIII. This ..... X X X X Extracts X X X X X X X X Extracts X X X X
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