TaxTMI 
TaxTMI 
2021 (4) TMI 890
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....ebtor under Section 60(5) of Insolvency and Bankruptcy Code, 2016 (for brevity 'I & B Code') r/w. Rule 11 of NCLT Rules, 2016 and Section 420 of the Companies Act, 2013 praying the Tribunal- i. To review the application filed vide CP (IB) No. 681/7/HDB/2018 under Section 7 of the I & B Code, 2016 and dismiss the application as the same is barred by limitation; and ii. To declare all further proceedings which were held based on the order of CIRP as infructuous. 2. The averments made in the Interlocutory Application filed by the Applicant/Petitioner are briefly described hereunder: i. It is averred the Financial Creditor/Punjab National Bank filed a Company Petition bearing CP(IB) No. 681/7/HDB/2018 again....
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....d. iv. It is averred that the Hon'ble NCLT, Hyderabad ought to have taken note of the default date as stated in Part IV Clause (2) of the relevant application filed by the Financial Creditor under Section 7 r/w Rule 4 of the I 85 B Code, 2016 wherein the date of default mentioned as 31.05.2011. A copy of Form-I filed by the Financial Creditor is enclosed as Annexure-III of the application and accordingly, this application is ought to have been dismissed since it is barred by limitation. v. It is averred that the Impugned Order dated 20.09.2019 states in para 2(f) "it is averred that the Financial Creditor issued a Demand Notice dated 14.06.2018 calling upon the Corporate Debtor to pay the outstanding balances and dues ....
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....019) 11 SCC 633, in para 27 held that "it is thus clear that since the Limitation Act is applicable to applications filed under Section 7 and 9 of the Code from the inception of the code, Article 137 of the Limitation Act gets attracted. "The right to sue", therefore, accrues when a default occurs. If the default has occurred over three years prior to the date of filing of the application, the application would be barred under Article 137 of the Limitation Act, save and except in those cases where, in the facts of the case, Section 5 of the Limitation Act may be applied to condone the delay in filing such application". ix. He relied on the Order dated 25.09.2019 issued by the Hon'ble Supreme Court of India in the matter of Jign....
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....ially to protect is interests and that CIRP has its genesis in default on the part of the Corporate Debtor, we may now examine the operation of law of limitation over the proceedings under the Code". xii. It is also relied on the order issued by Hon'ble NCLAT in the matter of Bank of India & Central Bank of India vs. Coastal Oil Gass Infrastructure Pvt. Ltd. held as shown at para 15 page 8 of the application. xiii. It is further relied on the order issued by Hon'ble NCLAT in the matter of Bimalkumar Manubhai Savalia vs. Bank of India held as shown at para 16, page 9 of the application. xiv. It is further relied on the order issued by Hon'ble NCLAT in the matter of Reliance Asset Reconstruction Company ....
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.... The counsel for Applicant would contend that during the CIRP process, the RP and COC filed an application IA No. 685/2020 for liquidation of the Corporate Debtor and this Hon'ble Tribunal issued an order dated 22.02.2021 for liquidation of the Corporate Debtor 5. The counsel for Applicant relied on the following decisions of the Hon'ble Supreme Court of India and Apex Court: i. Order issued by the Hon'ble Supreme Court of India in the matter of M/s. B.K. Educational Services Pvt. Ltd. vs. Paras Gupta & Associates (2019) 11 SCC 633 held as shown in para 11, page 7 of the application; ii. Order dated 25.09.2019 issued by the Hon'ble Supreme Court of India in the matter of Jignesh Shah & Anr. Union of Indi....