2019 (12) TMI 1398

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....solution Process of the Respondent/Corporate Debtor on grounds of its inability to liquidate its financial debt. 2. International Asset Reconstruction Company Private Limited (hereinafter called Petitioner) has sought the Corporate Insolvency Resolution Process of M/s. Swastik Aqua limited (hereinafter called the 'Respondent') on the ground that the Respondent committed default in repayment of restructured acquired loan amount of Rs. 5,22,85,492.94/- under section 7 of Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. 3. As per averments made in the petition, the Applicant is an Asset Reconstruction Company registered with Reserve Bank of....

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....porate Debtor and Guarantors signed and executed a Balance Confirmation letter confirming therein that a sum of Rs. 2,45,71,976/-was due and payable by them to the Applicant Financial Creditor as on 31.01.2015 under the Agreement. The Corporate Debtor acknowledged it's liability of Rs. 21,262,499/- vide duly Audited Balance Sheet as on 31.03.2016. 8. The Financial Creditor issued Notice of Demand and Recall of Outstanding dues dated 29.04.2016 to make payment of Rs. 2,85,12,016.72/- as on 31.03.2016 together with further interest @24% p.a. from 01.04.2016 till the date of payment. 9. The Financial Creditor on 01.08.2017 issued notice under section 13(2) of the SARFAESI Act, 2002 to the borrower, guarantors and mortgagors calling u....

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.... due, it is way beyond the period of 3 years as prescribed under Article 137 of Limitation Act, 1993 and in the teeth of the Hon'ble Supreme Court's judgment in Civil Appeal No. 4952 of 2019 in the matter of Gaurav Hargovindbhai Dave Vs. Asset Reconstruction Company (India) Limited and Anr. 11. Oral arguments were also heard on 16.10.2019 by this Hon'ble Tribunal and the prayer made in this petition deserves to be admitted. 12. As per the averments mentioned by the Financial Creditor in its application, the Balance Sheet dated 31.03.2016 of Corporate Debtor reflects the liability of Rs. 21,262,499/-against the secured loan in the name of IARC restructuring loan as annexed in Annexure-X. Further, the Corporate Debtor in its....