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TMI Blog2019 (10) TMI 209X X X X Extracts X X X X X X X X Extracts X X X X ..... ortgaged in favour of the Financial Creditor by Deed of Mortgage and a further charge was made on 27th November, 2009 by the Corporate Debtor in favour of IDFC Ltd. . Thereafter by assignment agreement debt payable by Corporate Debtor to IDFC was assigned on 11th September, 2014. The Financial Creditor has right to get immovable property mortgaged and thereafter may transfer the mortgage assets for a valuable consideration for which 12 years of limitation has been prescribed for filing a suit relating to immovable property under Article 61 of Part V of the First Division of the Schedule of Limitation Act. Therefore, we hold that the claim of the 1st Respondent is not barred by limitation. Appeal dismissed. - Company App ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lants (Shareholders/Directors) submitted that the Appellants are ready to settle the claim with the creditors and may offer something more than what could have been given by a successful resolution applicant . Such submission was recorded on 22nd February, 2019 but when the matter was subsequently taken up on 15th March, 2019, the learned counsel appearing on behalf of the Appellants submitted that they have already taken up the matter for settlement with Union Bank of India and HDFC Bank Ltd., who have more than 75% of the voting share. However, it was accepted that the 1st Respondent Phoenix ARC Pvt. Ltd. , who filed the application under Section 7 of the I B Code and has more than 22% of the voting share, no offer has been given or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on perusal of the record, the following facts emerge --, The Corporate Debtor approached the IDFC Limited (IDFC) in March, 2008 and requested for financial facilities which was acceded to by the IDFC . The IDFC and the Corporate Debtor executed various loan documents pursuant to which IDFC sanctioned and advanced a term loan of ₹ 55,00,00,000/- (Rupees Fifty-five Crores) in favour of the Corporate Debtor . In November, 2009, the Corporate Debtor again sought for further financial assistance from IDFC Limited and HDFC Limited and a Rupee Term Loan Agreement was entered into with the Corporate Debtor on 20th November, 2009 for an additional amount of ₹ 22,00,00,000/- (Rupees Twenty-two Crores) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payable. 11. The IDFC Ltd. assigned all rights, title and interest in the debt owed by the Corporate Debtor in favour of the 1st Respondent (Phoenix ARC Private Limited Assignee) vide Assignment Agreement dated 11th September, 2014. The account of the Corporate Debtor was declared Non-Performing Asset (NPA) on 11th March, 2015. 12. It is not in dispute that the Limitation Act, 1963 is applicable to the applications filed under the I B Code . For filing the application under Section 7 of the I B Code , Part II Other Applications of Third Division of schedule of Limitation Act is applicable as quoted below: PART II OTHER APPLICATIONS Descr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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