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TMI Blog2019 (1) TMI 453X X X X Extracts X X X X X X X X Extracts X X X X ..... en raised by the Corporate Debtor. The application of the Financial Creditor is complete and there are no disciplinary proceedings pending against the proposed resolution professional. Therefore, this petition is to be admitted. This Bench hereby admits this petition filed under Section 7 of IBC, 2016, declaring moratorium with consequential directions. - CP 579/I&BP/NCLT/MAH/2018 - - - Dated:- 20-11-2018 - Mr. V. P. Singh, Member (Judicial) And Mr. Ravikumar Duraisamy, Member (Technical) For The Petitioner : Mr. Vikram B. Trivedi, Adv. a/w Ms. Suchitra Valjee, Adv., Mr. Abhishek Bhaduri Adv. i/b Manilal Ambalal And Co For The Respondent : Mr. Gaurav Joshi, Senior Counsel, Mr. Saurab Pakale, Adv., Ms. Ami Jain, Adv. O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ₹ 240,89,88,139/- since May 2012... ... Attention was also drawn to item no. 3 and 4 (being the dues to Assignor) in the detailed lender wise list in respect of default to bank and financial institutions and government in the abovementioned clause 8.1 of the 75th Annual Report 2016-2017. 5. The Financial Creditor further argued that the Corporate Debtor has issued a Letter of Acknowledgment of Debt dated 3.11.2008. The Financial Creditor also relied on a Without Prejudice letter dated 21.6.2018 by the Corporate Debtor to the Financial Creditor titled Proposal for settlement of dues of Birla Cotsyn (India) Limited (BCIL) whereby a settlement proposal of ₹ 41 crores was made. 6. The Financial creditor has annex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2, the claim is barred by limitation. The Counsel appearing for the Corporate Debtor also referred to the Section 18 of the Limitation Act, 1963 and argued that the acknowledgment relied upon by the Financial Creditor being the financial statement for the year 2016-2017, which is after a period of three years from the date of default; it does not start a fresh period of limitation. For an acknowledgment to start a fresh period of limitation, it has to be necessarily within the prescribed period of limitation. It was argued that the Financial Creditor has not produced balance sheets from 2012 to 2015, which is the original period of limitation and therefore the dues are time-barred. 11. Further, with regards to the acknowledgment made aft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the adjudicating authority may reject an application and not otherwise. 14. The Counsel for the Financial Creditor rebutted the argument regarding discrepancies in the amount in default by relying on the case of Mr. Ajay Agarwal v. Central Bank of India and State Bank of India Company Appeal (AT) (Insolvency) No. 180 of 2017 wherein the Hon ble NCLAT stated 11. In the present case, the Respondents have explained the difference between the claim amount as made on 19th October, 2015 and as on the date of filing in the year 2017, which has been calculated, taking into consideration the interest payable in the meantime and the amount, if any, recovered under other proceedings. Apart from the aforesaid fact, we are of the view that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n clearly reveals that there is a debt as defined in Section 3(11) of IBC, also there is default in this case within the meaning of Section 3(12) of IBC and no evidence of dispute with regard to the claim amount has been raised by the Corporate Debtor. The application of the Financial Creditor is complete and there are no disciplinary proceedings pending against the proposed resolution professional. Therefore, this petition is to be admitted. 20. This Bench hereby admits this petition filed under Section 7 of IBC, 2016, declaring moratorium with consequential directions as mentioned below: I. That this Bench hereby prohibits a) the institution of suits or continuation of pending suits or proceedings against the corporate debtor inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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