2023 (3) TMI 1481

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..... UMAR JAIN] MEMBER (JUDICIAL) AND [MR. NARESH SALECHA] MEMBER (TECHNICAL) For the Appellant : Mr. Amar Dave, Aatreya Singh, Nityash Solanki, Adv. For the Respondent : Mr. Mithilesh Kumar Pandey, Adv. for R1 ORDER PER: JUSTICE RAKESH KUMAR JAIN: Punjab National Bank (International) Ltd. (Financial Creditor) filed an application under Section 7 against Warana Dairy and Agro Industries Ltd. (Corp .....

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..... into between the Financial Creditor and the Corporate Debtor. He has first referred to the definition and interpretation provided in the agreement pertaining to the 'event of default' which means any of the events or circumstances described in Clause 13.1 (Event of Default) and has then referred to Cluse 13.1 which prescribes that "there shall be an event of default if; (a) the borrower fails to p .....

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..... on 31.01.2020, therefore, it was clearly barred by limitation which is prescribed under Article 137 of the Limitation Act, 1961. 4. On the other hand, Counsel appearing for Respondent has submitted that not only the Appellant made various payments up to February, 2017 but also on 07.03.2019 sent a proposal for one time settlement of term loan which tantamounts to acknowledgement, therefore, the .....

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