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TMI Blog2019 (5) TMI 1680X X X X Extracts X X X X X X X X Extracts X X X X ..... n - Section 7 of I B Code - initiation of CIRP - debt and default by Corporate Debtor - HELD THAT:- The question whether the claim is barred by limitation to see that there is no debt payable in law, we hold that the claim of ARCIL is not barred by limitation, as the assignment deed was made in favour of ARCIL on 28.3.2014 which was declared invalid by DRT, Ahmedabad by an order dated 10.6.2016 an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Treaters Private Limited (Corporate Debtor), which has been admitted by the Adjudicating Authority (National Company Law Tribunal), Mumbai Bench, Mumbai vide order dated 15th October, 2018. 2. Learned counsel appearing on behalf of the appellant submitted that the Debt Recovery Tribunal, Ahmedabad has already held that the assignment deed in favour of Respondent, ARCIL (Financial Creditor), was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been admitted without any order of stay. 4. Further it was stated that the deed of assignment dated 28.3.2014 was assigned prior to Board Resolution which was taken in July, 2014, and assignment deed having inked without power and without authority being also insufficiently stamped was declared to be invalid. Reliance has been placed on the decision of the Hon'ble Supreme Court in the case of B.K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ARCIL is on record filed with the petition. In so far debt is concerned it was submitted that the debt is not barred by limitation as the Corporate Debtor offered three settlement proposals to ARCIL dated 24.2.2015, 29.4.2015 and 26.6.2015 to clear the debts. Further it has been brought to our notice that the petition under Section 7 was filed by ARCIL in October, 2017. This Appellate Tribunal in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aim is barred by limitation to see that there is no debt payable in law, we hold that the claim of ARCIL is not barred by limitation, as the assignment deed was made in favour of ARCIL on 28.3.2014 which was declared invalid by DRT, Ahmedabad by an order dated 10.6.2016 and thereafter having revived pursuant to Hon'ble Gujarat High Court order. Apart from the above fact, we find that the Corporate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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