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TMI Blog2020 (1) TMI 1217X X X X Extracts X X X X X X X X Extracts X X X X ..... , 1963, fresh period of limitation shall be computed from the time when the acknowledgment was signed. Then there is a letter dated 03.02.2016 (Annexjure-R1, diary No. 17183) within three years of the earlier dated 05.02.2013 and thus it would give fresh period of limitation. Section 7 Application thus filed on 31.07.2018 could not be said to be time barred. Although the learned Counsel for the parties are at Bar questioning each other as to which or the other Acknowledgement was filed before the Adjudicating Authority, we are not entering into that technicality of procedure as fact remains in this matter that the Appellant before us is not disputing the genuineness of the issuance of such letters/acknowledgments. We are not relying on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned Counsel, the Bank had sent Notice (Annexure-35, page-247) on 15.01.2013 informing the Corporate Debtor that the Account of the Corporate Debtor had become NPA. It is stated that the Corporate Debtor had taken a loan from the Bank in 2009 and also a Bank Guarantee was executed by the Bank at the instance of the Corporate Debtor and on both these counts, the debts arisen had defaulted. Learned Counsel for the Appellant stated that Section 7 Application (Annexure-49, page-403) was filed on 31.07.2018 which was clearly time barred keeping in view Article 137 of the Limitation Act, 1963. Learned Counsel referred to the Impugned Order to state that the Impugned Order relied on Article 62 of the Limitation Act to record that there was a mortga ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. Learned Counsel has then pointed out documents in the Reply Affidavit filed in Appeal (diary No. 17183) and Annexure-R1 in the said Reply which is the copy of the letter which was sent by the Corporate Debtor on 03.02.2016 to show that within three years from 05.02.2013, there was further acknowledgment by the Corporate Debtor giving fresh period of limitation of three years and Section 7 Application came to be filed within such period on 31.07.2018 which was within limitation period. 7. Learned Counsel for the Appellant for Corporate Debtor referred to Annexure- R2 of his Rejoinder (diary no. 17729) i.e., letter dated 11.03.2016 to point out that One Time Settlement which was offered was withdrawn. It is stated that this letter was i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r right; (b) the word signed means signed either personally or by an agent duly authorised in this behalf; and (c) an application for the execution of a decree or order shall not be deemed to be an application in respect of any property or right. [Emphasis supplied] 9. Proceeding under Section 7 of IBC is an Application . Considering the above Section 18 of the Limitation Act, 1963, when the documents relied by the Respondent Bank are considered, it can be seen that if the Account became NPA on 15.01.2013, there was reply sent by the Corporate Debtor to the Bank on 05.02.23013 which contained acknowledgment for the debt. As per Section 18 of the Limitation Act, 1963, fresh period of limitation shall be computed from the ti ..... X X X X Extracts X X X X X X X X Extracts X X X X
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