2019 (9) TMI 1386

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....dicating Authority (National Company Law Tribunal), Single Bench, Chennai, whereby and whereunder, an application under Section 7 of the 'I&B Code' preferred by 'M/s. Stressed Assets Stabilization Fund' has been admitted. 2. Learned counsel appearing on behalf of the Appellant submitted that the claim is barred by limitation. 3. From the record, we find that the aggrieved person moved before the 'Debt Recovery Tribunal'. Admittedly, it is accepted by the Appellant that there is mortgage of property made by the 'Corporate Debtor'. Therefore, it is clear that for such mortgage, 12 years limitation has been prescribed under Article 62 of Part V of First Division of the Schedule of the Limitation Act, 1963. 4.....

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....7) as a person to whom a financial debt is owed and a financial debt is defined in Section 5(8) to mean a debt which is disbursed against consideration for the time value of money. As opposed to this, an operational creditor means a person to whom an operational debt is owed and an operational debt under Section 5(21) means a claim in respect of provision of goods or services. 28. When it comes to a financial creditor triggering the process, Section 7 becomes relevant. Under the explanation to Section 7(1), a default is in respect of a financial debt owed to any financial creditor of the corporate debtor - it need not be a debt owed to the applicant financial creditor. Under Section 7(2), an application is to be made under sub-section (1)....