2021 (1) TMI 1120

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....KanthiNarahari Member (Technical) And Dr. Alok Srivastava Member (Technical) Appellant: Mr. Abhijeet Sinha, Mr. Arjun Asthana, Mr. Subhankar Nag, Advocates. Respondents: Mr. PV Dinesh, Mr. Ashwini Kr. Singh, Advocates, Ms. BhuvaneshwariRanasnathan, Ms. SmritiChuriwal, Mr. JaivirSidhant, Mr. Utsav Mukherjee, Ms. Deepti Babel, Ms. MeghaTyagi, Mr. Aman Varma, Advocates ORDER Pleadings are....

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....Section 7 is governed by Article 137 of the Limitation Act providing for limitation period of three years which has to be reckoned from the date of default viz. the date on which the Account of Corporate Debtor was classified as NPA. That being the position of law established through a series of Judgments of the Hon'ble Apex Court in "B.K. Educational Services Private Limited Vs. Parag Gupta and A....

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....this context, the impugned order admitting application under Section 7 filed by Respondent No.1- (Financial Creditor) in terms of the impugned order dated 4th February, 2020 cannot be sustained. The impugned order is accordingly set aside. Adjudicating Authority will now close the proceeding. The IRP is relieved from her duties and the 'Corporate Debtor' (company) is released from all the rigour o....