TaxTMI 
TaxTMI 
2021 (7) TMI 668
X X X X Extracts X X X X
X X X X Extracts X X X X
....Bankruptcy Code, 2016 read with Rule 4 of the Insolvency & Bankruptcy Code (Application to the Adjudicating Authority) Rules, 2016 had passed the following orders. The Application under Section 7 of the IB Code, was admitted and further moratorium of sub-Section (2) and (3) and Section 14(1) of the IB Code was also declared and following orders have passed with following directions. "(1) Subject to provisions of sub-Section (2) and (3), on the Insolvency Commencement date, the Adjudicating Authority herein declares moratorium for prohibiting all of the following viz;- (i) The institution of suits or continuation of pending suits or proceeding against the Corporate Debtor including execution of any judgment, decree, or order in any Court of Law, Tribunal, Arbitration Panel or other Authority. (ii) Transferring, encumbering, alienating, or disposing of by the Corporate Debtor, any of its assets or any legal right or beneficial interest therein; (iii) Any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ission filed during the course of arguments submitted that the Respondent Bank has mentioned the date of default as 07.06.2016. Under Section 7 an Application was filed by Respondent Bank on 06.06.2019. Further, it was submitted that the date of default is not pari-material to the date of NPA declaration. (ii) It is further submitted that the date of default is when default is occurred as per the IBC, 2019 and it was submitted in the instant case, the date of default ought to be 28.01.2016 which the bank has admitted in the DRT proceedings. (iii) So, based upon these submissions it was submitted that the application filed by Respondent under Section 7 is barred by limitation. (iv) It was further submitted by the Learned Counsel for the Appellant while referring to Volume-II of the Appeal Paper Book relevant at Page-266 which is shows that the acknowledgment signed by two of the Directors dated 19.11.2018, whereby they had acknowledged the debt. It was submitted that this document was not filed along with the main application. (v) It was submitted that no sooner the Appellant was made aware of this document of acknowledgment on 01.10.2020 he prefers to lodged a police compla....
X X X X Extracts X X X X
X X X X Extracts X X X X
....BabulalVardharjiGurjar Vs Veer GurjarAluminium Industries Private Limited" reported in (2019) 15 SCC 209. (iv) Learned Counsel for the Respondent No. 1 further referred to the Judgement of the Hon'ble Supreme Court in "BishalJaiswalVs. Asset Reconstruction Company (India) Limited" reported in (2021) 224 CompCas 166. Wherein the Hon'ble Supreme Court has held the provision of Section 18 of the Limitation Act is directed to the proceeding of the IBC. (v) Learned Counsel for the Respondent referred to Annexure- A3 which is Reply Affidavit filed by the Learned Counsel for the Appellant before the Adjudicating Authority relevant is at Page - 65 of the Appeal Paper Book, wherein it was categorically stated in Para-4 stated that the account of Appellant was declared NPA by the Respondent No. 1 on 07.06.2016. Although, the date of default which stated by the Applicant bank on 07.06.2016 was denied. (vi) It was submitted by the Learned Counsel for the Respondent No. 1 in the Judgements of the Hon'ble Supreme Court in "BabulalVardharjiGurjar Vs Veer GurjarAluminium Industries Private Limited" reported in (2019) 15 SCC 209. "35. Apart from the above and even if it be assumed that the ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....olice complaint was lodged on the legal advice only when the Respondent No. 1 produced the acknowledgment before the Adjudicating Authority. So, no reliance could be placed on this document, which is an afterthought. (xi) Learned Counsel for the Respondent No. 1 referred to Para-16 & 17 marked at Page- 25 of the Impugned Order, Volume-I of the Appeal Paper Book which is placed in Volume- I of the Appeal Paper Book and it wasfurther submitted that the reason given by the Learned Adjudicating Authority in accordance with law and the Appeal is devoid of merit and fit to be dismissed. "16. It is noted that the last date of the transaction in the Bank account is on 27.01.2016 and an Affidavit is filed with a copy of the Acknowledgment of debt dated 20.11.2018 signed by the two directors of the Respondent/ Corporate Debtor. In view of this and in line with the decision of Hon'ble NCLAT in Yogesh Kumar Jaswantlal Thakkar Vs. Indian Overseas Bank, the application filed under section 7 of IB Code filed on 06.06.2019 is within time. 17. In an affidavit filed on 08.10.2020 the respondent- Corporate Debtor has submitted that the additional affidavit filed by the petitioner should not be....