2019 (5) TMI 1680

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....br>Justice S.J. Mukhopadhaya (Chairperson) AND Justice Bansi Lal Bhat, Member (Judicial) For Appellant: Mr. Vishwas K. Shah with Ms Bhavna V. Shah, Ms Aastha Mehta, Mr. Divyang Chandiramani, Advocates. For Respondents: Mr. Ramji Srinivasan, Senior Advocate with Ms Neha Naik and Ms Sylona Mohapatra, Advocates. Mr. Mudit Sharma, CRP. JUDGMENT SUDHANSU JYOTI MUKHOPADHAYA, J. Asset Reco....

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.... payable in the eyes of law and, therefore, application under Section 7 of the I&B Code was not maintainable. Learned counsel for the appellant referred to the decision of Debt Recovery Tribunal, Ahmedabad dated 10.6.2016 passed in SA No.24/2016 under Section 17 of the Securitisation and reconstruction and Enforcement of Security Interest Act, 2002 whereby assignment deed dated 28.3.2014 in favour....

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....f the Code, Article 137 of the Limitation Act gets attracted. 5. Learned counsel appearing on behalf of the Respondent, ARCIL submitted that there is no denial of debt and default by Corporate Debtor or the appellant. It is submitted that the order passed by the Debt Recovery Tribunal, Ahmedabad as relied by the appellant has already been set aside and quashed by the Hon'ble Gujarat High Court ....

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.... follows: Part II-Other Applications Description of application Period of limitation Time from which Period begins to run 137. Any other application For which no period of Limitation is provided Elsewhere in this Division. Three years When the right to apply accrues In the said case the Appellate Tribunal has held that I&B Code having come into force on 1s....