TMI Blog2022 (9) TMI 629X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the Corporate Debtor has in clear terms acknowledged its debt in its balance sheets from the year ending 31st March, 2018 and 31st March, 2019 which are at page 531, 532 and 613 of the petition under section 7 of the Code. Time Limitation - HELD THAT:- The payment was made within the period of three years from the date of NPA i.e. on 05.08.2013 and when this payment was made on 07.06.2016, a fresh period of limitation under Section 19 of the Limitation Act, 1963 commenced. There is clear acknowledgement of debt by the Corporate Debtor in its balance sheets mentioned above for the year ended 31st March, 2018 and 31st March, 2019. Present petition has been filed on 24.03.2021, therefore the same in within the limitation period. The Corporate Debtor for One Time Settlement. This in itself is an admission of having availed the loan facilities from the applicant Bank and also the default to repay the same - The amount in default is over and above the threshold limit of Rs. One Crore and thus this application is maintainable before this Adjudicating Authority. Application admitted - moratorium declared. - C. P ( IB ) No. 98 /KB/2021 - - - Dated:- 12-9-2022 - Mr. Rohit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2004, 30.11.2005, 02.09.2006, 05.01.2007, 13.03.2007, 24.04.2008, 16.03.2010, 04.02.2012, 28.09.2012, 11.02.20133; annexed and marked as Annexure 1-F , Annexure 1-N , Annexure 1-V , Annexure 2-B , Annexure 2-C , Annexure 2-K , Annexure 2-S , Annexure 3-B , Annexure 3-G , Annexure 3-J respectively; c. Copies of Board Resolutions of the Corporate Debtor dated 27.09.2004, 02.12.2005, 06.09.2006, 21.03.2007, 24.04.2008, 28.08.2010, 29.11.2010, 14.03.2012, 29.09.2012, 12.02.2013; annexed and marked as Annexure 1-G , Annexure 1-O and Annexure 1-W , Annexure 2-E , Annexure 2-L , Annexure 2-U , Annexure 2-V , Annexure 3-C , Annexure 3-H , Annexure 3-K respectively; d. Copies of agreement of Loan, agreement of hypothecation of goods and assets, agreement of pledge of goods and assets, letter of consent clause, letter cum agreement; annexed and marked as Annexures 1-H to 1-M respectively; e. Copies of supplemental agreement of Loan, supplemental agreement of hypothecation of goods and assets, supplemental agreement of pledge of goods and assets, letter dated 07.12.2005, omnibus Counter Guarantee dated 07.12.2005 and Agreement-cum-Indemnity dated 0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tice of the court, the Corporate Debtor has filed its reply affidavit. The reply affidavit has been filed by the Corporate Debtor through one of its Directors, namely, Mr. Debabrata Das. The Corporate Debtor also filed written notes of submission. 9. The Corporate Debtor has denied the acknowledgement of liability as contended by the Financial Creditor. It is submitted that in the year 2014, the Corporate Debtor filed a suit in the year 2014 being C.S. No. 305/2014 (R. Piyarellal Import and Export Limited v. State Bank of India) praying for, inter alia,a decree for a sum of Rs. 203,70,69,169/- and interest thereon at the rate of 12% per annum. The said suit is still pending. The ground for the said suit was arbitrary action on the part of the Financial Creditor while dealing with the loan account of the Corporate Debtor. A copy of the plaint without annexure is annexed as Annexure-A to the reply affidavit. 10. It is submitted that the Corporate Debtor denies the allegations contained in various paragraphs of the petition and has stated that serious endeavors were being made to settle the dues by offering One Time Settlement and the Corporate Debtor is making necessary arrange ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upfront of the proposed compromise-settlement offer amount . 17. It is stated in the rejoinder affidavit that the Corporate Debtor is willful defaulter and offered a sum of Rs. 15 Crores as a compromise settlement of the three group accounts, the Corporate Debtor had to submit upfront of Rs. 2.25 Crores either by way of DD or by way of remittance to their No-Lien Account which would be refunded in case the compromisesettlement offer is not sanctioned by the competent authority, the same shall be returned back to the Corporate Debtor. 18. Suffice it to say that there was no settlement, and the contention of the Corporate Debtor is completely baseless and incorrect. 19. It is stated by the Financial Creditor that the loan account was classified as NPA when the Corporate Debtor is first defaulted in making its repayment which was extended by series of persisting defaults from time to time until 31.03.2019, when the Corporate Debtor in its balance sheet acknowledged its default by express admission in various places in the said balance sheet. The learned Counsel placed reliance on Reliance Asset Reconstruction Company Ltd. Vs. Narendra Plastics Pvt. Ltd, Company Appeal (AT) (I ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cluding the balance sheet, can amount to acknowledgement of liability within the meaning of section 18 of the Limitation Act. Thus, in Mahabir Cold Storage v. CIT 1991 Supp SCC 402, this Court held:- 12. The entries in the books of accounts of appellant would amount to an acknowledgement of liability to M/s Prayagchand Hanumanmal within the meaning of Section 18 of the Limitation Act, 1963 and extend the period of limitation for the discharge of the liability as debt . 25. As far as the plea of the Corporate Debtor that the limitation starts from the date of NPA i.e. 05.08.2013 way back and the limitation period ends on 04.08.2016 i.e. the period of three years from the NPA date, we take note of the following facts on record. 26. The Corporate Debtor on 06.06.2016 made a payment of Rs.2,57,250/- through NEFT vide UTR No.444001615814282 from the account lying with HDFC Bank towards the Corporate Debtor s debts to the dues of the Financial Creditor in it s loan account. The said amount was duly credited in the loan account of the Corporate Debtor on 07.06.2016 and this can be found from the entries of settlement of account at page 704 of the instant application. This pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor is hereby admitted. ii) We hereby declare a moratorium and public announcement in accordance with Sections 13 and 15 of the I B Code, 2016. iii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency Bankruptcy Code, 2016. The I.R.P. shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 of Insolvency Bankruptcy Code, 2016 shall be made immediately. iv) Moratorium under Section 14 of the Insolvency Bankruptcy Code, 2016 prohibits the following: a) The institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, 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 t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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