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2022 (1) TMI 164 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHIRejection of claims which are delayed - assignment of debt by United Bank of India in favour of ARCIL - objection to acceptance of ARCIL claim on account of assignment from United Bank of India on grounds of limitation - HELD THAT:- The present is a case where Appellant was complaining about the addition of certain claims of the Financial Creditor – Respondent No.2, consequent upon assignment by United Bank of India had become barred by time. Section 7 Application was filed by Respondent No.2 on the ground of default as mentioned in the Application. The Respondent No.2 has filed the Application on the basis of inclusion of assignment by ICICI Bank. The objection raised by the Appellant is with regard to assignment by United Bank of India, which objection has been specifically taken in email dated 14th June, 2020 as well as in the Application being I.A. No.415 of 2020 filed by the Appellant. The Appellant’s grievance was that there has been increase in the voting shares of Respondent No.2 consequent to admitting assignment of United Bank of India by which voting shares increased by more than 8.4%. The case of the Appellant was that the United Bank of India placed the account of Corporate Debtor as NPA in the year 2015 and the limitation of three years came to an end in the year 2018, hence, the said claim stood barred by time. When an Application under Section 7 cannot be entertained for a debt, which is barred by time and is liable to be rejected, any addition in the claim, which may fall into the category of time barred debt, also cannot be entertained. The Appellant having objected to the addition of claim consequent to assignment by United Bank of India, it had every right to agitate the issue and pray for adjudicatory orders from the Adjudicating Authority, which he did by filing an Application being I.A. No.415 of 2020. The Adjudicating Authority by misplaced observation rejected the Application without considering the merits of the claim. The Adjudicating Authority having not considered the claim on merits, ends of justice would be met in directing for fresh consideration by the Adjudicating Authority - Fresh consideration of Application being I.A. No.415 of 2020 should be done by the Adjudicating Authority, only when Resolution Plan has not yet been approved. In event, the Resolution Plan has already been approved by the Adjudicating Authority, the Application – I.A. No.415 of 2020, needs no further consideration and be treated to be as closed. Appeal disposed off.
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