TaxTMI 
TaxTMI 
2025 (11) TMI 1713
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....2025, Comp. App. (AT) (Ins) No. 759 of 2025, Comp. App. (AT) (Ins) No. 760 of 2025, Comp. App. (AT) (Ins) No. 761 of 2025, Comp. App. (AT) (Ins) No. 762 of 2025, Comp. App. (AT) (Ins) No. 763 of 2025 & Comp. App. (AT) (Ins) No. 758 of 2025 as the issues involved in all these appeals are common. However, for the sake of convenience, the facts are being extracted from CA (AT) (Ins) No. 692 of 2025. 2. The brief facts of this case are that M/s Vimladevi Agro Tech Ltd. secured a loan from the State Bank of India of Rs. 5,30,00,000/- vide sanction letter dated 21.08.2010. The loan agreement was executed between the parties on 31.08.2010. 3. The loan advanced by the Bank was secured by the borrower by furnishing personal guarantees of the Appellant in all the aforesaid appeals. A common guarantee deed was executed on three occasions on 21.08.2010, 12.11.2019 and 03.12.2011. 4. The account of the borrower were declared as NPA on 25.11.2013 and the Bank issued a recall notice dated 29.11.2013 to the borrower as well as the guarantors demanding the outstanding of Rs. 4,51,97,587/-. 5. The Bank also served a demand notice on 02.12.2013 under Section 13(2) of the SARFAESI Act, 200....
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....rein it was directed that the period from 15.03.2020 to 28.02.2022 shall be excluded for the purposes of limitation. Taking into account the exclusion period provided by the Hon'ble Apex Court and the date of filing of the Petition i.e., 27.08.2024, we find that the present Petition has been filed within the prescribed limitation period" 12. The Tribunal after admitting the application filed under Section 95, appointed RP who had filed the report under Section 99 by way of I.A No. 572 of 2024 which has been accepted by the Tribunal by the impugned order. 13. The Appellant thus, aggrieved against the order dated 25.02.2025, has preferred these appeals under Section 61 of the Code. 14. Counsel for the Appellant, at the outset, has assailed the finding recorded by the Tribunal on the issue of limitation. It is contended by him that if the limitation is counted from the date of decree / recovery certificate dated 27.06.2019, the application under Section 95 having been filed on 10.08.2024 is beyond the period of three years as provided under Article 137 of the Limitation Act, 1963 (in short 'Act'). He has further submitted that limitation cannot be counted w.e.f 23.09.2019 bec....
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....ssistance. 18. In so far as the issue of limitation is concerned, there are two dates given by the bank i.e. 27.06.2019, date on which the recovery certificate was issued and 23.09.2019 when the OTS proposal made by the Bank was accepted by the principal borrower. 19. If the limitation is to be counted from 27.06.2019 then the period of three years would come to an end on 27.06.2022 whereas the application under Section 95 was filed on 10.08.2024. During the currency of period of limitation, because of the Covid-19 the Hon'ble Supreme Court passed the order on 10.01.2022 in Re : cognizance for extension of limitation, as per which the period from 15.03.2020 till 28.02.2022 was ordered to be excluded for counting the limitation, as may be prescribed under any general or special laws, in respect of all judicial or quasi judicial proceedings. 20. According to the Appellant, the limitation started running from 27.06.2019 and according to the Respondent its stopped running from 15.03.2020 onwards but the Bank had already consumed 262 days before the exclusion period started from 15.03.2020 to 28.02.2022. Out of the total period 1095 days i.e. 365 x 3 = 1095 days available to th....
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...... SARE Jaipur (18184) Illegible SCHEME FOR ONE TIME SETTLEMENT OF NPAs & AUCs (SBI OTE 2019) on the following terms and conditions. ILLEGIBLE TERMS OF SANCTION OF OTS ILLEGIBLE within thirty days from the date of sanction of OTS as 1st installments failing IILEGIBLE served infructuous and OTS treated as ILLEGIBLE. ILLEGIBLE deposit 20% 25% (in case of willful defaulter) of the OTS amount (As per the settlement formula) sixty days from the date of sanction of OTS failing which the OTS sanction will be rendered infructuous (inclusive of money deposited along with the application) and OTS treated as failed. The balance amount can be paid within 6 months from the date of this letter, i.e. ILLEGIBLE (the validity period) together with interest @ One Year MCLR on reducing balance basis effective from the date of this letter, i.e. ILLEGIBLE, failing which the OTS sanction will be rendered infructuous. However, no interest will be charged if the entire OTS amount is paid within 4 months from the date of this letter. You will be eligible for an additional incentive on the OTS amount on making payment of the entire amou....
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....onsent was given by the borrower on 23.09.2019 on the basis of which it transpires that there was an acknowledgment of debt on that date only, therefore, if the limitation of three years is to be counted from 23.09.2019, the application having been filed on 10.08.2024, is within the period of limitation. Hence, the first contention raised by the Appellant in regard to limitation is hereby repelled. 29. In so far as, the second contention of the Appellant is concerned, the Appellant has only referred to notice dated 07.06.2024. This notice is a statutory notice which is required to be served in terms of Rule 7 of the Rules on form B. It is made clear that until and unless this notice is issued the said application filed under Section 95 cannot be entertained but according to the Bank, it had in fact issued notice of recall invoking the guarantee on 29.11.2013 not only to borrower but also to all the personal guarantors. The said notice is also reproduced as under:- ** Suresh Mathur Mobile No .: 94141- 88766 Advocate "ABHINANDAN", H. No. 107, E-mail: [email protected] Ballabh Bari, KOTA-324007 Date: 29-11-2013 REGISTE....
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.... Cash Credit (Hypothecation) - Rupees Three Crores 2. Term Loan Lacs - Rupees Two Crores and Thirty 3. STCL - Rupees Seventy- Five Lacs You had obtained the Loan amount from my Client and agreed to repay the loan amount of Cash Credit (Hypothecation) and STCL in regular time interval and also promised to repay the Term Loan amount in instalments. You have also agreed to give interest on the loan amount in the following manner: 1. Cash Credit (Hypothecation) - 15.50 % per annum with monthly rest 2. Term Loan - 16.00 % per annum with monthly rest 3. STCL - 17.00 % per annum with monthly rest Initially, you had built a factory on Land Khasra No. 168, Villagae - Polai Kala, N.H. - 76, Tehsil - Dinod, Dist. - Kota by taking loan from Bank of Baroda. Our Client has taken over the said loan from Bank of Baroda and you had also agreed that our Client would have the first right on the materials, stock, land, building, plant and machinery etc. used in construction of the factory. You had also availed our Client the personal guarantee of the following persons in order to assure the repayment of the loan amount given by ou....
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.... name of Smt. Radha Agarwal. 8. Shop No. 12, which is located near Plot No. 45, Kota Blood Bank, Vasant Vihar, Dist. - Kota and which is registered in the name of Sh. Varun Gupta. 9. The Residential Property, which is located near Plot No. 45, Kota Blood Bank, Vasant Vihar, Dist. - Kota and is registered in the name of ILLEGIBLE. 10. The Residential Property (converted from Agricultural to Residential), which is a part of Khasra No.195 and is situated in Vill. - Bedkiya, Tehsil - Atru, Dist. Baran, which land is registered in the name of Sh. Giriraj Kumar, S/o - Sh. Prem Chand. 11. The Residential Property (converted from Agricultural to Residential), which is a part of Khasra No.195 and is situated in Vill. - Bedkiya, Tehsil - Atru, Dist. Baran and is registered in the name of Sh. Chandra Mohan Singhal. 12. The Residential Property (converted from Agricultural to Residential), which is a part of Khasra No.194 and is situated in Vill. - Bedkiya, Tehsil - Atru, Dist. Baran and is registered in the name of Sh. Bitthal Prasad Agarwal. 13. The Residential building, which is located in Kumharon ka Mohalla, Ward - Rajpura, Dist. - Bar....
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....OPP: BHARAT VIKAS PARISHAD HOSPITAL DADABARI, KOTA KOTA, RAJASTHAN , Pin: 324009 Ref: 1389 Date: 30/09/2019 Dear Sir, SBI SCHEME FOR ONE TIME SETTLEMENT OF NPAs & AUCAS(SBI OTS 2019) We refer to your letter no. dated 23/09/2019 for settlement of your dues to the Bank under the captioned scheme. We are pleased to advise that your application under the captioned scheme has been accepted by the appropriate authority. I. OTS amount payable under the OTS Scheme will be Rs. 3,27,92,027 Il. 5% / 15% (for wilful defaulter) of the OTS amount will have to be deposited by you as initial money within thirty days from the date of sanction of OTS, falling which the OTS sanction will be rendered infructuous IlI: 20%/25% (in case of wilful defaulter) of the OTS amount(As per the settlement formula) as upfront money within sixty days from the date of sanction of OTS failing which the OTS sanction will be rendered infructuous(inclusive of money deposited along with the application) and OTS treated as failed. IV. The balance amount can be paid within 6 months from the date of this letter, i.e. 31/03/2020 (the validity period) together with interest @ One Year MCLR ....