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TMI Blog2019 (8) TMI 1599X X X X Extracts X X X X X X X X Extracts X X X X ..... JYOTI MUKHOPADHAYA J. (Chairperson) , A. I. S. CHEEMA J. (Judicial Member) and KANTHI NARAHARI (Technical Member) Ashish Kothari for the appellant. Dinkar Singh for the respondents. ORDER 1. The appellant-"Mr. Rajen Amrit Lal Parikh", director of "GPT Steel Industries Ltd." ("corporate debtor") has preferred this appeal against the order dated May 2, 2019- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Adjudicating Authority while admitting the application under section 7 has not appointed any "interim resolution professional". According to the learned counsel for the appellant, the application under section 7 was not complete. 3. However, while discussing the matter on the issue of limitation, learned counsel for the appellant sought some time to settle the matter with the respondent-"fina ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l creditor") since December 1, 2016, i. e., the date when "I and B" Code came into force, we hold that the application under section 7 of the "I and B" Code is well within the time and maintainable. 6. So far as the claim of the respondent is concerned, the Adjudicating Authority noticed that the "corporate debtor" admitted the debt, as reflected in paragraph 13 of the impugned order as quoted be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch 10, 2005. The corporate guarantee/personal guarantee was also given by the "corporate debtor" on March 5, 2005. 8. From the aforesaid facts, it is clear that there is a continuous cause of action. Further, we find that the "corporate debtor" by its letter dated June 23, 2016 also requested the "financial creditor" to accept one-time settlement. Thus, we find that the claim of the respondent (" ..... X X X X Extracts X X X X X X X X Extracts X X X X
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