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TMI Blog2020 (10) TMI 60X X X X Extracts X X X X X X X X Extracts X X X X ..... J) For the Appellant : Sudeep Pal Choudhuri, Saswati Sikder For the Respondent : Saunak Sengupta and Mitul Chakraborty, Advocates ORDER Jinan K.R., Member (J) 1. United Bank of India/the Financial Creditor has filed this application under Section 7 of the Insolvency Bankruptcy Code read with Rule 4 of the Insolvency Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor M/s. Jotisriram Himghar Private Limited, on the allegation that the Corporate Debtor who availed various loans to the tune of ₹ 988.75 lakh by executing various documents inclusive of Demand Promissory Notes, Agreement of Term Loan, Agreement of hypothecation etc., of which particulars are given in Form I, Part IV, committed default in repayment and thereby the Financial Creditor classified the accounts of the Corporate Debtor as Non Performing Assets with effect from 30.06.2016 and thereby committed default in repayment and accordingly filed this application for initiating Corporate Insolvency Resolution Process. 2. To add strength to the said contentions, the Loan Agreement and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion Process as against the Corporate Debtor) In short CD) alleging that the Corporate Debtor has committed default in repayment of the loan availed by the CD. Availing of loan as alleged by the Corporate Debtor has not at all in dispute though in the reply affidavit there is a bear denial of non execution of Demand Promissory Note, Letter of Continuity etc. Nothing was argued on the side of the Corporate Debtor so as to discard evidences led in on the side of the Financial Creditor regarding availing of loan by the Corporate Debtor. On the other hand Annexure A-6 attached with the application is a Loan Sanction Letter dated 27.12.2013 wherein the Corporate Debtor has been given a Term Loan of ₹ 600.00 Lakh, Working Capital of ₹ 55.00 Lakh, Cash Credit (Seasonal) to the tune of ₹ 320.00 Lakh and Bank Guarantee of ₹ 13.75 Lakh, totaling to ₹ 988.75 Lakh. 7. As per the terms of Sanction, the above said loan availed by the Corporate Debtor shall be repayable in 18 half yearly unequal installments commencing from September, 2014 and ending in March, 2023. That being so, the evidence let in on the side of the Financial Creditor is sufficient to prove tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m I was executed on 27.03.2015 and therefore, the date of default would be on 27.03.2015 and not on 30.06.2016. If it is so, filing of this application on 25.01.2019 is barred by limitation. 10. Refering to B.K. Educational Services Pvt. Ltd. v. Parag Gupta and Associates, MANU/SC/1160/2018 the Ld.counsel for the CD submits that Article 137 of Limitation Act is applicable to the applications filed under section 7 of the Code, and if the period of limitation is counted from 27.03.2015 the filing of this application is barred by limitation. He further would take me to Para 27 which read as under:- 27. The Limitation Act is applicable to applications filed Under Sections 7 and 9 of the Code from the inception of the Code, Article 137 of the Limitation Act gets attracted. The right to sue , therefore, accrues when a default occurs. If the default has occurred over three years prior to the date of filing of the application, the application would be barred Under Article 137 of the Limitation Act... 11. To strengthen the above said submissions, no evidence is produced by the Ld. Counsel for the Corporate Debtor. On the other hand, the Ld. Counsel for the Financial Creditor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted is hereby admitted. ii) Moratorium is declared for the purposes referred to in Section 14 of the Insolvency Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. iii) Moratorium under Section 14 of the Insolvency Bankruptcy Code, 2016 prohibits the following:- a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority; (b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; (c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization 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 deb ..... 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