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TaxTMI 
TaxTMI 
2024 (9) TMI 1913
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.... was declared and Shri Yogesh Gupta was appointed as the IRP. The Appellant is the suspended director of Dynametic Overseas Pvt. Ltd. Counsel for the Appellant has submitted that Tribunal has decided the issue of limitation erroneously, relying upon an entry dated 6.6.2016, regarding payment of Rs. 2,57,250/- alleged to have been made through NEFT vide UTR No.44001615814282 from the accounts lying with the HDFC Bank towards the Corporate Debtor's debt to the dues of the Financial Creditor in its loan account, therefore, the limitation, starting from 6.6.2016 continued for another period of three years and ended up on 5th June, 2019. In between, the Appellant acknowledged the debt in its balance sheet for the year 31st March, 2018 and 31st March, 2019 therefore, the period of limitation is extended from 31st March, 2018 to 30th March, 2021 and since the Petition under Section 7 was filed on 24th March, 2021, therefore, it was found to be within the period of limitation. Counsel for the Appellant has submitted that the said entry dated 6.6.2016 is not made by the Appellant and in this regard, an Affidavit has also been filed before this Court that the Appellant does not have any acco....
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....is addressed to a person other than a person entitled to the property or right, (b) the word "signed" means signed either personally or by an agent duly authorised in this behalf, and (c) an application for the execution of a decree or order shall not be deemed to be an application in respect of any property or right. 19. Effect of payment on account of debt or of interest on legacy Where payment on account of a debt or of interest on a legacy is made before the expiration of the prescribed period by the person liable to pay the debt or legacy or by his agent duly authorised in this behalf, a fresh period of limitation shall be computed from the time when the payment was made: Provided that, save in the case of payment of interest made before the 1st day of January, 1928, an acknowledgment of the payment appears in the handwriting of, or in a writing signed by, the person making the payment. Explanation.-For the purposes of this section,- (a) where mortgaged land is in the possession of the mortgagee, the receipt of the rent or produce of such land shall be deemed to be a payment; (b) "debt" does not include mo....
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....g a proposal for a one-time settlement, or by acknowledging the debt in its statutory balance sheets and books of accounts." 22. Ultimately, in paragraph 142 of the report, it was held that additional documents could be introduced at the stage of appeal also. The said para is reproduced hereunder: "142. There is no bar in law to the amendment of pleadings in an application under Section 7 IBC, or to the filing of additional documents, apart from those initially filed along with application under Section 7 IBC in Form 1. In the absence of any express provision which either prohibits or sets a time-limit for filing of additional documents, it cannot be said that the adjudicating authority committed any illegality or error in permitting the appellant Bank to file additional documents. Needless however, to mention that depending on the facts and circumstances of the case, when there is inordinate delay, the adjudicating authority might, at its discretion, decline the request of an applicant to file additional pleadings and/or documents, and proceed to pass a final order. In our considered view, the decision of the adjudicating authority to entertain and/or to allow th....
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.... 7. Section 18 and 19 of the Act, already referred to above, provides that the debt can be acknowledged in writing or by making payment. In so far as the balance sheets are concerned, it has been held by the Hon'ble Supreme Court by various Judgements that the liabilities shown by the Corporate Debtor in its books (balance sheets) towards the Financial Creditor is a sufficient proof of the debt due. In the present case, the date of default of the amount of debt is not in dispute in so far as the balance sheets are concerned. The Respondent relied upon an entry in its accounts alleged to have been made by the Appellant of an amount of Rs. 2,57,250/- on 6.6.2016 and from that date, a further period of three years has been counted to bring into account the balance sheets of 31st March, 2018 and 2019. This entry is disputed but the very fact that the I.A. No.455 of 2023 which has been filed during the pendency of this Appeal for the purpose of bringing on record the balance sheets of the years 2014- 2015, 2015-2016 and 2017-2018 duly signed by the Appellant, would show that the Application filed on 4th March, 2021 is within the period of limitation. Since the date of NPA is 5th Augus....