TaxTMI 
TaxTMI 
2020 (9) TMI 54
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....g Director of the M/s. Sarda Agro Oils Limited has filed this Appeal under Section 61 read with Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short 'I&B Code, 2016') & Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 against the Impugned order dated 27.08.2019 passed by the Adjudicating Authority (National Company Law Tribunal, Hyderabad Bench, Hyderabad) in CP(IB) No.102/07/HDB/2019. The Adjudicating Authority has admitted the Petition and initiated 'Corporate Insolvency Resolution Process' (in short 'CIRP') and appointed 'Interim Resolution Professional' (in short 'IRP') Mr. Madhusudhan Rao Gonugunta. 2. The Appellant prays for allowing the present Appeal and setting aside the ....
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....rity when the case was posted on 02.08.2019 and 05.08.2019. 5. The Adjudicating Authority has admitted the case based on some payments made by the Appellant- Corporate Debtor M/s. Sarda Agro Oils Limited, Hyderabad - into the current account of the Respondent Bank and the last payment being on 19.02.2016 for an amount of Rs. 49,50000/- reflected in the 'Statement in the Account' of the Corporate Debtor in the books of the Respondent Bank inspite of Non-Performing Asset (for short 'NPA') on 30.09.2015. 6. On the issue of delay in filing the Appeal the Registrar, NCLAT, New Delhi vide its order 28.01.2020 in Interlocutory Application No.415/2020 has already condoned the delay and listed the matter before the Bench 'For Admission'. Although,....
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....f I&B Code, 2016 on 31.12.2018 which is within 3 years from 19.02.2016. They have cited the Hon'ble Apex Court Judgment of M/s. Gaurav Hargovindbhai Dave Vs Asset Reconstruction Company (India) Ltd. & Anr., (2019) 10 SCC 572. This decision has been followed by this Hon'ble Tribunal in the matter of Ishrat Ali Vs. Cosmos Cooperative Bank Ltd & Anr. (Company Appeal (AT) (Ins) No.1121 of 2019). Further, in the context of Section 19 of the Act, the Hon'ble Supreme Court in the case of Kamla Devi and Ors. Vs. Pt. Mani Lal Tiwari & Ors. (1976) 4 SCC 818 held that "4.... The function of Section 19 is to provide a later date to count the period of limitation afresh, and that fresh period of limitation will be computed from the time when the acknow....
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....will be the date of declaration of account as NPA and such date of default would not shift. 11. We are of the firm view that the determining factor is the three years period from date of default/NPA. This Appellate Tribunal has also observed in Rajendra Kumar Tekriwal Vs. Bank of Baroda in Company Appeal(AT) (Ins) No.225 of 2020 dated 13.08.2020 that the period of three years from the date of the Account of Corporate Debtor is classified as NPA then it becomes impermissible to proceed with Section 7 Application as observed in the para 11 of the Judgment. 12. All these leads to reiterate that the provisions of The Limitation Act, 1963 vide Section 238A of the I&B Code, 2016 will be applicable to all NPA cases provided they meet the criteri....