2019 (9) TMI 1387

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....ruptcy Code, 2016 (for brevity 'IBC, 2016') read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity 'the Rules') by Corporation Bank (for brevity 'Financial Creditor') through its authorized representative Mr. Murali Tummala, who is duly authorized vide Board Resolution dated 11.12.2017, with a prayer to initiate the Corporate Insolvency process against M/S SJN Energy Infrastructure Pvt. Ltd. (for brevity 'Corporate Debtor'). 2. The Corporate Debtor namely, M/S SJN Energy Infrastructure Pvt. Ltd. is a Company incorporated on 03.12.2009 under the provisions of Companies Act, 1956 with CIN No. U40109DL2009PTC196581, having its registered office at A-....

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..... 31,63,29,782.20/- which includes Interest upto 31.12.2018. 6. That the Petitioner has annexed various documents like Agreement regarding Term Loan, Guarantee Agreement, Mortgage Deed, Hypothecation Agreement, Demand Promissory note etc. as a proof of existence of the Financial Debt. 7. It is submitted by the Petitioner that Original Application and Securtisation Applications are pending before the Debt Recovery Tribunal - III Delhi for adjudicating the default made by the Respondent. 8. On entering appearance, the Respondent Company has filed its reply on 05.02.2019 and has raised the following . "171. Without prejudice to the foregoing it is pertinent to mention here that the Applicant Bank has also filed one Original A....

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.... 175. Without prejudice to the foregoing it is further submitted that the present Application filed on behalf of the Applicant Bank is further not maintainable since alleged debt as claimed by the Applicant Bank is clearly barred by time. Without admitting anything, however, for the sake of arguments it is submitted that as per the Applicant Bank the account of the answering Respondents was classified as NPA on 23.05.2014. Whereas, the present Application has been filed in the month of January 2019, therefore the present Application is clearly barred by limitation. 176. Without Prejudice to the foregoing it is submitted that Sh. Murali Tummala claiming to be the Chief Manager is not duly authorized person to file the present Appl....

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....ence, the facts which are material in respect of the Limitation for maintainability of the application need to be considered first. The date of default as averred by the Petitioner in the Part-IV of the application is 23.05.2014. That Section 238A of the Insolvency and Bankruptcy Code 2016, makes the Limitation Act, 1963 applicable to the Code, reads as follows: "238A. The provisions of the Limitation Act, 1963 (36 of 1963) shall, as far as may be, apply to the proceedings or appeals before the Adjudicating Authority, the National Company Law Appellate Tribunal, the Debt Recovery Tribunal or the Debt Recovery Appellate Tribunal, as the case may be. " 12. Here, it is worthwhile to refer to the Judgement of Hon'ble Supreme Cou....