TaxTMI 
TaxTMI 
2022 (8) TMI 1469
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....n application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (in short 'Code') by the Appellant (Financial Creditor) on 12.09.2018 has been dismissed on the sole ground being barred by limitation. 2. Initially, this appeal bearing CA (AT) (Ins) No. 636 of 2020 was heard by two members bench of this Tribunal and was dismissed vide order dated 05.03.2021, affirming the order of the Adjudicating Authority. However, the Appellant challenged the order dated 05.03.2021 by way of a Civil Appeal No. 2264 of 2021 before the Hon'ble Supreme Court. The said appeal was allowed on 20.10.2021. The relevant observations made by the Hon'ble Supreme Court are reproduced as under:- ".......... We are of the view that subject to the a....
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.... continuously and repeatedly year on year acknowledged and admitted the debt owed to the banks in its balance sheets dated 16.08.2014, 27.08.2015 and 27.08.2016 for the Financial Years 2013-14, 2014-15 and 2015-16 respectively. On each of the said dates when the Corporate Debtor acknowledged the debt, a fresh period of limitation shall be computed in terms of Section 18 of the Limitation Act. Thus, the application us 7, IBC filed on 06.09.2018 is well within the period of limitation u/a 137 of the Limitation Act. Copy of the Balance Sheets dated 16.08.2014, 27.08.2015 and 27.08.2016 are annexed hereto and marked as ANNEXURE 58." 4. Counsel for the Appellant has submitted that the application bearing I.A. No. 87 of 2022 has been allowed by....
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....e Respondent is permitted to file 'Additional Reply' if any if it so desires/advised before the Office of the Registry not only through e-filing but also through the hard copy and the copy of the same shall be exchanged between them well in advance before the next date of Hearing. The Registry is directed to list the matter on 07th March, 2022." 5. It is pertinent to mention that before the application was allowed, the Respondent herein was also afforded an opportunity to file Reply. Counsel for the Appellant has submitted that once the application has been allowed to be amended by this Tribunal, the issue is as to whether the application was within the period of limitation or not is to be adjudicated upon. 6. On the other hand, Couns....