9911796707
TMI Blog2021 (11) TMI 1028X X X X Extracts X X X X X X X X Extracts X X X X ..... tes Private Limited (hereinafter referred to as "Corporate Debtor") under Section 7 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 to initiate Corporate Insolvency Resolution process (CIRP) in respect of Corporate Debtor. 2. The Financial Creditor is an Asset Reconstruction and Securitization company duly incorporated under the provisions of Companies Act, 1956 having its Registered Office at The Ruby, 10th Floor, 29, Senapati Bapat Marg, Dadar (West), Mumbai-400028'. The Respondent/Corporate Debtor is a company incorporated under the Companies Act, 1956 having its registered office at '6, Alipur Road, Civil Lines, New Delhi-110054' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... enclosed alongwith the application and are collectively marked as Annexure A/5 (Colly). v. That the total amount claimed as per the statement of claim as on 30th June, 2021 is Rs. 152,69,04,865/-. Consolidated statement of account as on 30.06.2021 is annexed as Annexure-A/6 (Colly) vi. That the Corporate Debtor admittedly failed to adhere to the terms of payment as per loan agreement. Therefore, the account of the Corporate Debtor was declared as a Non-Performing Asset on 31.12.2011. vii. That the Bank vide demand notice dated 11.06.2012 (annexed as Annexure A/7), issued under Section 13(2) of SARFAESI Act, 2002, demanded total amount of default as on 11.06.2012 of Rs. 79,93,84,596 (Rupees Seventy-Nine crore Ninety- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aid Rs. 15 crore when the matter was pending before DRT and no payment made thereafter. The judgement of High Court is found on record (Annexure-A/29). It is further stated in the judgement that "obligation to pay Rs. 81.60 crore with applicable interest (less 15 crore) is undisputed. In this factual background, counsel for the Respondent (ARCIL) states that amount of Rs. 130 crore is due and payable by the Petitioner(Corporate Debtor) to the Respondent. Learned Senior Advocate for the petitioner(Corporate Debtor) states and accepts that about Rs. 100 crore is payable." Therefore, it is submitted that the period of limitation will extend for three years from 11.7.2018 to 10.7.2021. xii. That, the Financial Creditor submits that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... RT and the said payments were made without prejudice to the rights and contentions of the Corporate Debtor in the proceedings. b. Corporate Debtor averred that the payments cannot be considered as acknowledgement under the provision of Section 18 of the Limitation Act, 1963. c. Corporate Debtor has specifically submitted that the documents that were relied upon by the Financial Creditor to extend the limitation period are not sustainable under the law for extension of the limitation period. The documents which were relied upon are Deed of Assignment of Debt, Balance Sheets for the relevant time period of the Respondent/Corporate Debtor (wherein Corporate Debtor had admitted the liability under the head 'Long Term Borrowi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9;ble High Court, Delhi. Hon'ble High Court's judgement is also placed on record. 6. There is a valid acknowledgement on the part of the Corporate Debtor in the form of Settlement Proposal and there is settled law as declared by Hon'ble NCLAT in the matter of Manesh Agarwal Vs Bank of India and Anr. (Company Appeal 1182/2019). 7. We are of the opinion that, the term "Without prejudice to the rights and contentions of the Corporate Debtor" does not negates the admission of the liability of the debt. Acknowledgement of liability under Section 18 of the Limitation Act, 1963 itself demands a broader interpretation to serve the ends of justice. That is why Section 18(2)(a) of the Limitation Act states that: "an acknowledgme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tinuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) 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 Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (d) the recovery of any property by an owner or lessor where such property is occupied by or in the possession of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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