2021 (4) TMI 302

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....nufacturers and Traders Pvt. Ltd. against the Impugned Order dated 20th November, 2020 passed by the Adjudicating Authority, National Company Law Tribunal, Kochi Bench, Kochi (Annexure A Page 46). The Application under Section 7 of Insolvency and Bankruptcy Code, 2016 (IBC in short) was filed by the Union Bank of India, (Erstwhile Corporation Bank which merged with it) against the Corporate Debtor. The Application came to be admitted on 20th November, 2020 after hearing the parties. Thus, the present Appeal. 2. In the Appeal, The Appellant claims that the debt due and claimed before the Adjudicating Authority by the Bank was time-barred and thus the Application should not have been admitted. 3. The Learned Counsel for the Appellant has ar....

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....ty. Apart from above, the Learned Counsel for the Bank referred to Document (Annexure R-5 of the Reply (Page 102 at Page 110) to state that the Financial Statement for 2014-2015 was filed before the Adjudicating Authority. The Learned Counsel stated that such balance sheet was approved and debt admitted by the Board of Directors on 18th January, 2017 as can be seen from the Page 121. She submits that the Balance Sheet was also filed with Registrar of Companies (RoC in short) along with Form AOC-4 (Page 256) of the Reply. The Learned Counsel states that the Document at Page 121 shows the debt being acknowledged by the Directors on 18th January, 2017. 5. The Learned Counsel has then referred to her Reply (Diary No. 25462) Paragraph 4 and do....

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....Paragraphs 63,64,66,67,68,88 and 92 as under: "63. Section 5 of the Limitation Act, 1963 does not speak of any application. The Section enables the Court to admit an application or appeal if the applicant or the appellant, as the case may be, satisfies the Court that he had sufficient cause for not making the application and/or preferring the appeal, within the time prescribed. Although, it is the general practice to make a formal application under Section 5 of the Limitation Act, 1963, in order to enable the Court or Tribunal to weigh the sufficiency of the cause for the inability of the appellant/applicant to approach the Court/Tribunal within the time prescribed by limitation, there is no bar to exercise by the Court/Tribunal of its di....

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....ainst whom the right is claimed, has the effect of commencing of a fresh period of limitation, from the date on which the acknowledgment is signed. However, the acknowledgment must be made before the period of limitation expires. 67. As observed above, Section 238A of the IBC makes the provisions of the Limitation Act, as far as may be, applicable to proceedings before the NCLT and the NCLAT. The IBC does not exclude the application of Section 6 or 14 or 18 or any other provision of the Limitation Act to proceedings under the IBC in the NCLT/NCLAT. All the provisions of the Limitation Act are applicable to proceedings in the NCLT/NCLAT, to the extent feasible. 68. We see no reason why Section 14 or 18 of the Limitation Act, 1963 should ....