2022 (5) TMI 1048

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....r. Kamlendra Pratap Singh, Advocates for R-2. ORDER (Virtual Mode) Heard Learned Counsel for the Appellant. 2. This Appeal has been filed against the Order dated 04.05.2022 passed by the Adjudicating Authority (National Company Law Tribunal, New Delhi, Bench-V) by which Order, the Adjudicating Authority has admitted the Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as ' The Code') filed by the Financial Creditor. 3. The Financial Creditor had extended Financial Facility to the Corporate Debtor for a term loan of Rs. 130 Crores. The Account was classified as 'NPA' on 29.06.2016 thereafter Notice under Section 13(2) of the SARFAESI Act, 2002 was issued and subsequently the Financial Cred....

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....thority ought not to have looked into the materials brought in the Rejoinder Affidavit and the Financial Creditor ought to have amended its Section 7 Application brining on record all the relevant facts and hence the Adjudicating Authority committed error in relying on the Rejoinder-Affidavit. He further relying on Judgment of Hon'ble Supreme Court in 'Asset Reconstruction Company (India) ltd. Vs. Bishal Jaiswal & Anr. (Civil Appeal No. 323 of 2021) submitted that for purpose of acknowledgment under Section 18 there has to be pleading of acknowledgment of liability. He has in support of his submissions submitted that there being no pleading, the Adjudicating Authority committed error in holding the Application not barred by time. 6. We hav....

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.... he does not deny that they have made part-payment as recorded in the Order of the Adjudicating Authority. We are of the view that when the part-payment are not denied it is not open for the Appellant to even contend that Application under Section 7 was barred by time. It is a settled law that from the last payment the limitation of three years shall again begin. 9. Coming to the Judgment which has been relied by the Learned Counsel for the Appellant i.e. Paragraph 6 of the Judgement of Hon'ble Supreme Court in 'Asset Reconstruction Company (India) ltd. Vs. Bishal Jaiswal & Anr.' where following has been observed: "6. There can be no doubt whatsoever that the appellant has been completely remiss and deficient in pleading acknowledgement ....