2021 (8) TMI 544

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....1. Mr. Abhishek Anand, Mr. Kunal Godhwani, Advocates for RP. ORDER (Virtual Mode) This Appeal has been filed by the Appellant Promoter and Director of the Corporate Debtor - 'M/s Afcan Impex Pvt. Ltd.'. The Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short 'IBC') was filed by the Respondent No. 1 - 'Bank of Maharashtra' before the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Court 1 in CP(IB) No.289/ 7/AHM/2020. The Adjudicating Authority has admitted the Application under Section 7 of IBC vide Impugned Order dated 17.02.2021 and thus this Appeal. 2. Learned Counsel for the Appellant submits that the Appellant could not appear before the Adjudicating Authority as when t....

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....al (AT) (Insolvency) No. 183 of 2020, Para 11, to submit that this Tribunal has held that the determining factor is the three years period from date of default/NPA when it comes to calculating period of limitation with regard to Application under Section 7 of IBC. The Learned Counsel also referred to judgment in the matter of "AKJ Fincap Ltd. vs. Bank of India", Company Appeal (AT) (Insolvency) No. 178 of 2021 to submit that the order passed should be speaking order. According to the Counsel for the Appellant, in the present matter the impugned order passed is a non-speaking order as it does not take into consideration all the relevant facts for admitting the Application under Section 7 of IBC. The Learned Counsel further submitted that Pri....

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....rofessional has pointed out from the Appeal Paper Book page 176, which is Balance and Security Confirmation Letter dated 30.09.2016 from the Corporate Debtor to the Bank where it has been mentioned at page 177 as under: "I/we further acknowledge, confirm, record, admit the outstanding balance of Rs. 55435843.36 (Rupees Five Crore Fifty Four Lacks Thirty Five Thousand Eight Hundred Forty Three & 36 Paise only) (exclusive of interest chargeable thereon from ______) due as on 30.09.16 and I/we am/are liable to pay the same to you in accordance with the terms thereof." 8. The Balance Confirmation issued by the Corporate Debtor was dated 30.09.2016. Another Balance Confirmation is page 180 @ 181 which shows that further Balance Confi....

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.... of pronouncement of order as 17.02.2021, in Para 3, the Adjudicating Authority mentioned as follows: "3. This application was filed on 28.07.2020 and notice u/s 7 was issued to the Corporate Debtor on 24.08.2020. After two dates of hearing, Corporate Debtor neither filed Vakalatnama nor affidavit in reply. Hence, this Adjudicating Authority vide order dated 16.01.2021 decided to proceed the matter with ex-parte against the Corporate Debtor." 12. Appellant has not claimed that Corporate Debtor had not received Notice. The Learned Counsel for the Appellant submits that the Appellant was suffering from COVID at relevant time. The order of Adjudicating Authority shows that the Application was filed on 28.07.2020 and notice was issu....