2020 (1) TMI 1217

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....ate Debtor M/s Sargam Builders Pvt. Ltd. has filed this Appeal against Impugned Order dated 20.09.2019 filed by the Respondent No. 1 - The Federal Bank Limited (Financial Creditor). By the Impugned Order (page-120), the Adjudicating Authority (National Company Law Tribunal, Kochi Bench) admitted Application under Section 7 of Insolvency and Bankruptcy Code, 2016 ('IBC' in short). The Adjudicating Authority found that there was debt due and default and also that the debt was within limitation period and admitted the Application. 2. Before us, learned Counsel for the Appellant submitted that the Application filed by the Bank was time barred keeping in view of the Judgment of the Hon'ble Supreme Court in "B.K. Educational Services Pvt. Ltd.....

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....efore Debt Recovery Tribunal and copy of that O.A. with Annexures were filed before the Adjudicating Authority. The Counsel does not dispute that as per Judgment in the matter of "B.K. Educational Services Pvt. Ltd. Vs. Parag Gupta & Associates" (2018 SCC Online SC 1921), for purpose of Application under Section 7 of IBC, period of limitation is to be looked into from date of default which is when Account became NPA and relevant provision to rely on is Article 137 of the Limitation Act. He, however, states that there are series of Acknowledgements which save the limitation under Section 18 of the Limitation Act. 6. Learned Counsel for the Respondent is referring to Annexure A-37 as Reply of Corporate Debtor to Notice dated 15.02.2013 whi....

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.... person through whom he derives his title or liability, a fresh period of limitation shall be computed from the time when the acknowledgment was so signed. (2) Where the writing containing the acknowledgment is undated, oral evidence may be given of the time when it was signed; but subject to the provisions of the Indian Evidence Act, 1872, oral evidence of its contents shall not be received. Explanation. -For the purposes of this section,- (a) an acknowledgment may be sufficient though it omits to specify the exact nature of the property or right, or avers that the time for payment, delivery, performance or enjoyment has not yet come or is accompanied by a refusal to pay, deliver, perform or permit to enjoy, or i....