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TMI Blog2020 (3) TMI 1129X X X X Extracts X X X X X X X X Extracts X X X X ..... clearly showing acknowledgment of debt by the corporate debtor within the limitation period, even if the date of default is considered as November 29, 2014 as pointed out by the corporate debtor. The financial creditor has established a default on the part of the corporate debtor in payment of their financial debt and succeeded in establishing a case for triggering the corporate insolvency resolution (CIR) process - The present petition being complete and having established the default in payment of the financial debt for the default amount being above ₹ 1,00,000, the petition is admitted in terms of section 7(5) of the IBC and accordingly, moratorium is declared in terms of section 14 of the Code. - (IB) No. 1887 (ND) of 2019. - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... regards the amount involved in default and the date of default, it is mentioned by the financial creditor in Part IV of their application that : 2. The grand total of all the claims as on February 16, 2018 of the financial creditor is ₹ 79,14,95,288.26, total claim including interest up to June 1, 2019 is ₹ 88,25,77,012.26, also future interest to be included (rupees eighty eight crores twenty-five lakhs seventy seven thousand and twelve and twenty six paise only.) The account was classified as non-performing assets on March 31, 2017. 6. That the financial creditor has annexed various documents like agreement regarding term loan, guarantee agreement, mortgage deed, hypothecation agreement, etc., as proof of existence of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ot maintainable by virtue of section 238A as the claim of the financial creditor is barred by the limitation since the present application has been filed after more than 3 years then the prescribed period. (v) That even assuming without admitting that the date of default is March 31, 2017, i. e., the date of non-performing asset, then also the present application is not maintainable because admittedly the account of the applicant was never declared as a non-performing asset by the financial creditor. 9. It is further submitted by the corporate debtor that the financial creditor has concealed the fact about litigation pending before the learned DRT filed vide S. A. No. 332 of 2018 titled as Sharma Kalypso P. Ltd. v. Corporation Bank. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 13(2) of the SARFAESI Act, 2002 stating that : In view of your failure to pay the dues/operate the accounts satisfactorily as is required, we have, in terms of the RBI Guidelines as to the Income Recognition and Prudential Accounting Norms, classified your account non-performing asset as on March 31, 2017. 14. After hearing submissions of both the parties, this Bench is of the view that the objections raised by the corporate debtor as regards to the authority for filing the petition under section 7 of the IBC and the financial debt being barred by limitation are not tenable. The financial creditor has placed on record the letter of authority issued in favour of Sh. P. Y. Jakkareddy, DGM, Corporation Bank and also the letters dat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding any action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002) ; (d) The recovery of any property by an owner or lessor, where such property is occupied by or in the possession of the corporate debtor. 16. As proposed by the financial creditor, this Bench appoints Mr. Navjit Singh as an IRP having Registration No. IBBI-IPA-001/IPP00314/2017-18/ 10578 (e-mail : [email protected], Mobile No. 9311162970), subject to the condition that no disciplinary proceedings are pending against the IRP so named and disclosures as required under the IBBI Regulations, 2016 are made by him within a period of one week from this order. The IRP is directed to take the steps as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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