TMI Blog2022 (8) TMI 1469X X X X Extracts X X X X X X X X Extracts X X X X ..... Adjudicating Authority especially after the amendment has been made in the application filed under Section 7 of the Code to find out as to whether the application filed under Section 7 is within limitation in terms of the alleged acknowledgment of the part of the Respondent by way of the entries made in the balance sheets. The matter is remanded back to the Adjudicating Authority to reconsider the amended application, filed under Section 7 of the Code, at the instance of the Appellant - Appeal allowed by way of remand. - Justice Rakesh Kumar Jain Member (Judicial) And Dr. Alok Srivastava Member (Technical) For the Appellant: Mr. Sanjay Kapur, Ms. Megha Karnwal and Mr. Arjun Bhatia, Advocates For the Respondents: Mr. Para ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... will be available to the appellant subject to the appellant paying a sum of Rs.3 lakhs as costs to the respondent within a period of three weeks from today. The appeal is allowed as above. 3. Pursuant to the aforesaid order, an application bearing I.A. No. 87 of 2022 came to be filed by the Appellant before this Tribunal by which the Appellant has sought to place on record the amended application under Section 7 of the Code. It is needless to mention that the amendment which has been brought in the said application is only in part -iv of the application. The new averments introduced in the application filed under Section 7 of the Code are reproduced hereinbelow for a quick reference: The cause of action / date of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itted to file the amendment application and accordingly, the instant application is filed seeking to amend the application under Section 7 of the I B Code, 2016 filed by the Appellant/Applicant/Bank with a view to incorporate the case based on Acknowledgment as contained in the Balance Sheet allegedly of the Respondent. There is no representation on the side of Respondent at the time of calling of the matter. In view of the fact that the Hon ble Supreme Court in the aforesaid Civil Appeal No. 2264 of 2021 dated 20.10.2021 has permitted the Applicant/Appellant/Bank to amend the application under Section 7 of the I B Code, 2016 so as to incorporate the case based on acknowledgment as contained in the Balance Sheet purportedl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o incorporate further material by way of copies of the balance sheets in order to show that there was acknowledgement of debt on the part of the Respondent and therefore, the application filed under Section 7 of the Code was well within the limitation as prescribed under Article 137 of the Limitation Act, 1961. 8. The issue regarding the appreciation of the balance sheets which has now become part of record is to be looked into by the Adjudicating Authority to hold as to whether the application filed under Section 7 of the Code is within limitation or not. Therefore, we are of the considered opinion that this matter requires a relook by the Adjudicating Authority especially after the amendment has been made in the application filed under ..... X X X X Extracts X X X X X X X X Extracts X X X X
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