2021 (2) TMI 307

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....urt was made by M . SATHYANARAYANAN , J. ) (Through Video Conferencing) By consent, these writ petitions are taken up today at the admission stage itself and are disposed of by this common order. 2.The petitioner claims to be the Promoter and erstwhile Director of M/s.Ashok Magnetics Limited, which was carrying on business of steel forging, and the said company, in the due course of its business, had availed a loan of Rs. 25 Crores from the 1st respondent Bank, for which, the writ petitioner stood as a personal guarantor and also executed a Deed of Guarantee, dated 19.11.2009. 3.The company defaulted in payment of the dues and the loan account was treated as 'Non-Performing Asset' on 17.01.2015. The Bank has also institu....

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....es without saying even on OTS letter dated 15.07.2017 the CD Admitted the limited payable to financial creditor and the application is filed within the limitation that is three years from the date of admission letter & COVID excluded period." 5.Mr.P.H.Arvindh Pandian, learned Senior Counsel, appearing for M/s.Aiyar and Dolia, learned counsel for the petitioner, has drawn the attention of this Court to the judgment rendered by the Hon'ble Supreme Court of India in B.K.Educational Services Pvt. Ltd. v. Paras Gupta & Associates [AIR 2018 SC 5601], would submit that the applicant therein was the Corporate Debtor, and the issue of applicability of limitation in the light of the amended provisions under Section 238-A of the Insolvency and ....

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....enior Counsel appearing for the petitioner, as well as the learned Standing Counsel appearing for the 1st respondent Bank, impressed upon the Court to consider their rival claim as to the bar of limitation in respect of the application filed by the 1st respondent Bank, this Court is not inclined to go into the claim in the light of the well settled position of law that the issue relating to limitation is a mixed question of law and facts, especially in the light of the plea taken by the 1st respondent Bank in Para No.27 of their application. It is brought to the notice of this Court by the respective learned counsel for the parties that the 2nd respondent Tribunal is yet to entertain the application. 9.In the light of the above facts and....