9911796707
TMI Blog2019 (11) TMI 1725X X X X Extracts X X X X X X X X Extracts X X X X ..... Code") to start Corporate Insolvency Resolution Process against Zenith Finesee India Private Limited, the Respondent /Corporate Debtor. 2. It is submitted that upon request of the Respondent, the Petitioner sanctioned term loan amounting to 764.69 Lakh on 29.09.2010 which was later reviewed and restructured by the Petitioner for an overall limit of Rs. 950.69 Lakh on 27.02.2013. After certain time, the Respondent became a defaulter and the account was declared as NPA on 31.03.2015. The date of default is claimed to be 01.01.2015 and the total amount claimed to be in default is 14,55,06,946.72/-. The Petitioner has proposed one Mr. Animesh Mukhopadhyay, a registered insolvency professional, as interim resolution professional whose written ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ences have been taken by the Respondent viz. i) the Petition is time barred since the date of default is 01.01.2015 and it was filed on 25.01 .2019 and ii) that the admission of debt was not dear and unequivocal. To substantiate its submission with regard to limitation, the Respondent has relied on two Supreme Court Judgments viz., Sagar Sharma & Anr. v. Phoenix ARC Pvt. Ltd & Anr., Civil Appeal No. 7673 of 2019 and Gaurav Hargovindbhai Dave v. Asset Reconstruction Company (India) Ltd & Anr. Civil Appeal No. 4952 of 2019. Whereas, the Petitioner has argued that the Petition is not time barred since there is an admission on the part of Respondent through its OTS proposal dated 03.09.2016 and a fresh period of limitation starts therefrom. To ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds as follows: Description of suit Period of limitation Time from which period begins to run Any other application for which no period of limitation is provided elsewhere in this Division Three years. When the right to apply accrues. 8. As per the aforementioned provision, the limitation in the present case shall start running when the right to apply accrued which is the date of default e. 01.01.2015 therefore, the Petition should have been filed before 01.01.2018 however, it was filed on 25.01.2019 rendering the Petition time barred. The Petitioner however drew my attention towards acknowledgement by the Respondent in various letters written by the Respondent to the Petitioner for settlement of dues that saves the limi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e that acknowledgment has to be in any particular from or to be express. Even a statement which, if literally construed, does amount to an acknowledgment, may be sufficient, if it implies an admission of liability. A narrow interpretation should not be put on what constitutes acknowledgment under section 18. An ackno wledgment is an admission by the debtor to the creditor indicating that he owes money to the creditor. The acknowledgment requires to be examined hi the light of surrounding circumstances by an admission that the writer owes debt. Generally speaking, a literal construction of the statement on which the acknowledgment is sought to be founded should be given if there is an admission of fact of which the liability in questio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ondent Company on behalf of the Bank. 13. In the light of the above said discussions, the Petition is hereby admitted under section 7 of the I&B Code upon the following directions: i. The Petition filed by the Financial Creditor under Section 7 of the Insolvency & Bankruptcy Code, 2016 is hereby admitted for initiating the Corporate Insolvency Resolution Process in respect of Zenith Finesee India Private limited. ii. I hereby declare a Moratorium and public announcement in accordance with Sections 13 and 15 of the IBC, 2016. iii. The moratorium is declared for the purposes referred to in Section 14 of the Insolvency & Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ffect from the date of admission till the completion of the Corporate Insolvency Resolution Process. viii. Provided that where at any time during the Corporate Insolvency Resolution Process period, if the Adjudicating Authority approves the resolution plan under sub-section (1) of Section 31 or passes an order for Liquidation of Corporate Debtor under Sec.33, the moratorium shall cease to have effect from the date of such approval or liquidation order, as the case may be. ix. Necessary public announcement as per Section 15 of the IBC, 2016 may be made. x. Mr. Animesh Mukhopadhyay Resident of Syndicon Enclave, 25/1A/1 Naktala Road, Kolkata-700 047 having registration no. IBBL/IPA-001 /IP-P00124/2017-2018/10266 and e-mail: animesh_fca@y ..... X X X X Extracts X X X X X X X X Extracts X X X X
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