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TMI Blog2020 (10) TMI 823X X X X Extracts X X X X X X X X Extracts X X X X ..... ode, 2016 (in short I&B Code) read with Rule 4 of the Insolvency and Bankruptcy Code (Application to Adjudicating Authority) Rules, 2016 alleging that M/s. Balaji Coke Industry Pvt. Ltd./Corporate Debtor has defaulted in repayment of the loan availed by the Corporate Debtor from the Dena Bank to the tune of Rs. 25,00,00,000.00/- (Rs. Twenty Five Crores only) vide sanctioned dated 25.01.2011. 2. Pending consideration of this application, Bank of Baroda filed CA (IB) No. 1672/KB/2019 claiming that the Financial Creditor who had lent money to the Corporate Debtor has merged into Bank of Baroda with effect from 1st April, 2019 and that the Bank of Baroda is vested with all the undertakings assets and liability of erstwhile Financial Creditor n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llaneous expenses of Rs. 4,95,000./- (Rs. Four Lakhs Ninety Five Thousand only) is due and payable by the Corporate Debtor. The total outstanding amount due as on 30.09.2018 is Rs. 56,19,65,082/- (Rs. Fifty Six Crores Nineteen Lakhs Sixty Five Thousand Eighty Two only) along with further interest @ 18% p.a. till the date of payment. The Corporate Debtor has failed in repayment of the above said loan despite demand. It is further submitted that the corporate debtor had executed various agreements and hypothecation deeds and all those documents were attached with the Form -1, along with records of default. Since the corporate debtor had committed default in repayment the Financial Creditor has filed this application praying for admission unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncial Creditor as alleged, the application is liable to be dismissed with costs. 5. Heard both sides and perused the records. 6. Although several objections are raised in the reply affidavit at the time of hearing the Ld. Counsel for the Corporate Debtor submits that he is objecting the admission only on the question of limitation. He would submits that the claim is hopelessly barred by limitation and prays for dismissal of the application. So the short question for consideration is whether the claim of the financial creditor is barred by law of limitation?. 7. With regards to the question of limitation, the default had admittedly occurred on 31.08.2012 and the present application has been filed on 26.10.2018, prima facie, this applicati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no doubt a fresh period of limitation shall be computed from the date of payment, provided that payment had made before the expiration of the prescribed period by the corporate debtor who is liable to pay the debt. Here in this case the payment as per the record relied upon by the Ld. Counsel for the financial creditor was made on 18.03.2016. As per Article 137 of the Limitation Act, the right to file this application having accrued on 31.08.2012, the period of 3 years prescribed would expire on 30.08.2015. So even if the above said amount was paid by the corporate debtor towards its liability to pay the debt as claimed by the financial creditor, payment being made after the expiry of period prescribed in this case the above said payment wo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or indicates that the above said deposit was not part payment towards the loan amount liable to be paid by the Corporate Debtor but was deposited by the Allahabad Bank. Accordingly, the submission on the side of the Financial Creditor that fresh period of limitation would start from 18.03.2016 is found devoid of any merit. 13. No other argument was advanced on either side. Though the application filed is complete as per section 7(5) of the Code, the claim being found barred by law of limitation this application is liable to be dismissed. 14. In the result this application is dismissed. However parties are directed to bear their respective costs. 15. Registry is hereby directed under section 7(7)(a) of the I&B Code, 2016 to communicate th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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