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TMI Blog2021 (1) TMI 571X X X X Extracts X X X X X X X X Extracts X X X X ..... t. In view of the fact that the stamp paper was issued in 2014 and the agreement was entered on 25.01.2017. Maharashtra and Gujarat are the two states which have provisions stating that if stamp is not used or surrendered back within 6 months of the date of issue, then they will be treated as expired. Section 52B(b) of the Maharashtra Stamp Act and Section 52 C of Bombay Stamp (Gujarat Amendment) Act, 2016 states that if any Stamp have been purchased and it is neither used nor any allowances are claimed on it within the period of six months, it will be treated as invalid - Admittedly, the agreement was entered in the State of Maharashtra. On perusal of the Non-Judicial paper (page 106 of the application), it is found that the same was is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iew of such public announcement the applicant submitted Form-C on 06.02.2020 along with requisite documents to the IRP to prove the existence and non-payment of claim. In the first meeting of the Committee of Creditors the applicant came to know that his name is included as Financial Creditor. There after the IRP was replaced by filing of IA being numbered as IA 213/2020 under Section 22 of the IB Code and this Adjudicating Authority vide its order dated 18.03.2020 appointed Mr. Akhil Kumar Thakkar as RP. 4. Meanwhile, the notice was issued for convening 2 nd meeting, however, due to absence of coram the said meeting to be held on 04.06.2020 was postponed to 05.06.2020, again the same is postponed due to non- presence of voting members ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the IBBI and loan agreement dated 25.01.2017 is on stamp paper issued in sometime in the year 2014 and this is invalid stamp paper as per Section 52B of the Maharashtra Stamp Act, 1958. 8. The RP further submitted the on-going through Income Tax record of the Corporate Debtor the amount of the applicant is not shown as loan in form number 3CA and 3CD. Hence the applicant is not entitled to claim himself as Financial Creditor. 9. Heard both sides and gone through the record and also seen the documents. It is a matter of record that the loan was not reflected in the Income Tax record of the Corporate Debtor that apart the RP has also raised objection with regard to the invalid agreement. In view of the fact that the stamp paper was i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt. Thus nothing prohibits you from using it even after years of its purchase. Law does not have any prescribed period of limitation for its validity. 12. However, Maharashtra and Gujarat are the two states which have provisions stating that if stamp is not used or surrendered back within 6 months of the date of issue, then they will be treated as expired. Section 52B(b) of the Maharashtra Stamp Act and Section 52 C of Bombay Stamp (Gujarat Amendment) Act, 2016 states that if any Stamp have been purchased and it is neither used nor any allowances are claimed on it within the period of six months, it will be treated as invalid. 13. Admittedly, the agreement was entered in the State of Maharashtra. On perusal of the Non-Judicial pap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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