TaxTMI 
TaxTMI 
2021 (8) TMI 1264
X X X X Extracts X X X X
X X X X Extracts X X X X
....mmittee of Financial Creditor dated 07.09.2018. c. The Corporate Debtor is a private limited company engaged in the business of manufacturing pharmaceuticals, medicinal chemicals and botanical products. The Corporate Debtor was granted financial assistances/loans under diverse loan and security agreements entered into between the Corporate Debtor and IDBI Bank. The Corporate Debtor defaulted in payment of interest and principal instalments of the said loans and further failed to clear overdue amounts under the loans leading to classification as Non-Performing Asset (NPA) on 30.06.2012. d. Recall Notice dated 20.11.0212 was issued to the Corporate Debtor. Subsequently, the Bank Guarantees were invoked. The Bank had also issued Demand Notice dated 04.04.2013 under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ('SARFAESI Act' for brevity). Subsequently, the said loans, the underlying security interest, all rights, titles and interests therein were assigned to the Bank under section 5 of SARFAESI Act in favour of the Financial Creditor in its capacity as a Trustee for EARCT Trust vide regis....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ms of Resolution Plan, one time settlement or corporate debt restructuring, etc." "The IBC does not exclude the application of section 6 or 15 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." (iii) Asset Reconstruction Company (India) Limited Vs. Bishal Jaiswal & another, judgment dated 15.04.2021 rendered in Civil Appeal No. 323 of 2021 by the Hon'ble Supreme Court. Held. "35. On the facts of the case, the NCLT, by its judgment dated 19.02.2020 recorded that the default in this case had been admitted by the Corporate Debtor, and that the signed balance sheet of the Corporate Debtor for the year 2016-17 was not disputed by the Corporate Debtor. As a result the NCLT held that the section 7 application was not barred by limitation and therefore, admitted the same. We have already set aside the majority judgment of the Pull Bench of the NCLAT dated 12.03.2020 and the impugned judgment of the NCLAT dated 22.12.2020 in paragraphs 33 and 34......" (....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ot find any merit in the contention of the CD as regards the point of limitation. Accordingly, the argument that the petition is filed belatedly and it is barred by limitation, is dismissed. 12. Further the Corporate Debtor has signed and acknowledged One Time Settlement dated 28.02.2018 (page 389) along with its Annexure describing the liability of the CD. The said documents have not been controverted by the CD. However, the OTS Proposal was not complied with by the CD and they failed to pay the OTS amount within the stipulated period and thereby committed a default, as a result of which the OTS was revoked by the FC on 07.06.2018. 13. Considering the above facts and circumstances, this Adjudicating Authority admits this petition under section 7 of the IBC, 2016, declaring moratorium for the purposes referred to in Section 14 of the Code, with following directions;- i. The Bench hereby prohibits the institution of suits or continuation of pending suits or proceedings against the Corporate Debtor including execution of any judgment, decree or order in any court of law, Tribunal, arbitration panel or other authority; transferring, encumbering, alienating or disp....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... Plot No. 232, Level 1, Kavuri Hills Phase-2, Jubilee Hills Post, West Marredpally, Telangana - 500033. viii. IRP is directed to file Authorisation for Assignment within three days from the date of this order. 14. Registry is directed to send a copy of this order to the Registrar of Companies, Hyderabad for marking appropriate remarks against the Corporate Debtor on website of Ministry of Corporate Affairs as being under CIRP. 15. Accordingly, this Petition is admitted. ============= Document 1 Counter dated 28.03.2019 filed Rejoinder dated 30.04.2019 by the Corporate Debtor. The Corporate Debtor denies that an amount of Rs.26,43,25,009.11 is due and payable and disputes the averment with regard to execution of documents and deposit of title deeds as incorrect. The Corporate Debtor claims that the present Company Petition is hopelessly time barred. (para 2) filed by the Financial Creditor. The Financial Creditor contends that the petition is in no way time barred and contends that the recent communication from the Corporate Debtor addressed to the Financial Credit....