2019 (12) TMI 1391

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nd Sumita Purkayastha, Member (T) For the Appellant : Sandeep Bisht, Advocate, Manisha Rawat, RP, Akash Srivastava and Akshita Rishi, Advocates ORDER Rajesh Dayal Khare, Member (J) 1. The present petition has been filed under Section 7 of the Insolvency &Bankruptcy Code, 2016, (hereinafter referred to as the "Code") by the Earth Gracia Buildcon Pvt.. Ltd. (EGBPL), praying for initiatio....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....The said loan amount has been shown under the head 'borrowing' by the Corporate Debtor and not under the head 'assets'. Hence, the Corporate Debtor failed to pay off the debt to the Financial Creditor. 3. The CIRP of EGBPL was initiated vide order dated 17.01.2019 passed by NCLT, Principal Bench and Ms. Manisha Rawat has been appointed as its IRP. The IRP, on her appointment, re....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e order dated 10.07.2019 of the Hon'ble National Company Law Tribunal, New Delhi. Thereafter, a demand notice dated 27.07.2019 was sent by the Financial Creditor through RP to the Corporate Debtor as well as its directors demanding repayment of financial debt within 10 days of receipt of notice. 4. Further, the Financial Creditor submitted that the Corporate Debtor failed to repay the same ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... When the right to apply accrues 8. At this juncture, we would also like to refer the relevant part of Hon'ble Supreme Court in "BK Educational Services Private Limited v. Parag Gupta and Associates Civil Appeal No. 23988 of 2017", the Hon'ble Supreme Court analysed the limitation period with respect to applications under Section 7 and Section 9 of the Insolvency and Bankruptcy Code, ....