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TMI Blog2019 (7) TMI 1757X X X X Extracts X X X X X X X X Extracts X X X X ..... g under section 18 of the Limitation Act, 1963. If at all any difference in computation is there, the corporate debtor is entitled to place its grievance before the resolution professional. As to limitation point is concerned, this Bench hereby holds that the claim is within limitation. In the present case, it is not the case of the corporate debtor counsel that this admission of debt making an offer for one-time settlement in the letter dated July 3, 2017 is not related to the present claim and it is also not the case of the corporate debtor that there is some other claim against this corporate debtor and this letter of acknowledgment dated July 3, 2017 is not related to this claim - there are no merit in the defence raised by the corporate debtor counsel stating that an offer for one-time settlement dated July 3, 2017 does not amount to acknowledgment. Petition admitted - moratorium declared. - I. B. A. No. 561 of 2019 - - - Dated:- 5-7-2019 - B. S. V. PRAKASH KUMAR (Judicial Member) P. V. Muralidhar for the financial creditor. Kaushik N. Sharma , V. A. Ramalingam for Kns Law Chambers for the corporate debtor. ORDER It is a petition filed under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... annexure 8 . (7) Copy of the hypothecation of book of debts executed by the corporate debtor to the financial creditor dated June 13, 2011 annexed in Form-I of the application as annexure 9 . (8) Copy of the letter of hypothecation executed by the corporate debtor to the financial creditor dated June 13, 2011 annexed in form-I of the application as annexure 10 . (9) Copy of the memorandum of deposit of title deeds executed by the corporate debtor to the financial creditor dated October 14, 2011 annexed in form-I of the application as annexure 11 . (10) Copy of the credit sanction advice, issued by the financial creditor to the corporate debtor dated September 27, 2012 annexed in form-I of the application as annexure 12 . (11) ID copy of the credit sanction advice, issued by the financial creditor to the corporate debtor dated September 28, 2013 annexed in form-I of the application as annexure 13 . (12) Copy of the demand promissory notes-revised (linke to be base rate) for sum of ₹ 12 crores executed by the corporate debtor to the financial creditor dated September 28, 2013 annexed in form-I of the application as annexure 14 . (13) Copy of the term ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an on April 1, 2015 the creditor bank on March 15, 2017 gave notice to the corporate debtor demanding repayment of ₹ 21,86,26,661 along with interest from that date till payment at the rate of 16.95 per cent. per annum, to which, the corporate debtor on March 27, 2017 replied to the creditor bank stating as follows : Mr. R. Gowthama Narayanan and Mr. V. Mohan March 27, 2017 Advocates 19/10, Kondichetty Street, 3rd Floor, Chennai-600 001. Dear Sir, Subject : Your Notice on behalf of Indian Overseas Bank-Regarding We are in receipt of your letter/notice and noted the contents. We are in the process of settling our dues to the bank. In this regard, we are making number of visits to your clients for negotiations. Recently also we have met the CRM, GM and the ED of M/s. Indian Overseas Bank on February 28, 2017, March 1, 2017, March 4, 2017, March 6, 2017, March 15, 2017 and March 27, 2017 and had negotiations with them, and we are also in touch with the Zonal Office on a day-to-day basis. We are quite surprised to receive this notice from your end since we are in the process of settling the issue with the bank. Please treat this as a reply given by a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssory note without any reference to the earlier debt, when the claim was made over the earlier debt basing on the fresh promissory note subsequently executed, the court held that a promissory note not having any reference to the earlier debt will not become an acknowledgment to the earlier debt already time barred by time claim was made, therefore held that claim as time barred debt. 10. But whereas in the present case, it is not the case of the corporate debtor counsel that this admission of debt making an offer for one-time settlement in the letter dated July 3, 2017 is not related to the present claim and it is also not the case of the corporate debtor that there is some other claim against this corporate debtor and this letter of acknowledgment dated July 3, 2017 is not related to this claim. 11. For it being clearly mentioned in the letter dated July 3, 2017 saying that this corporate debtor met CRM, GM and ED of the creditor bank on February 28, 2017, March 1, 2017, March 4, 2017, March 6, 2017, March 15, 2017 and March 27, 2017 and had negotiations with the creditor bank disclosing that this corporate debtor was interested to settle their dues through one-time settleme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with any financial sector regulator. (IV) That the order of moratorium shall have effect from July 3, 2019 till the completion of the corporate insolvency resolution process or until this Bench approves the resolution plan under sub-section (1) of section 31 of the IBC or passes an order for liquidation of corporate debtor under section 33 of the IBC, as the case may be. (V) That the public announcement of the corporate insolvency resolution process shall be made immediately as specified under section 13 of the IBC. (VI) That this Bench hereby appoints Mr. Radhakrishnan Dharmarajan, having Reg. No : IBBI/IPA-001/IP-P00508/2017-18/10909, D3, Tri umph Apartments, 114, Jawaharlal Nehru Salai, Arumbakkam, Chennai- 600 106, e-mail : [email protected], Mobile No. 9840062431 as interim resolution professional to carry out the functions as mentioned under the IBC. Fee payable to IRP/RP shall be in compliance with the IBBI Regulations/Circulars/Directions issued in this regard. 15. The registry is hereby directed to immediately communicate this order to the financial creditor, the corporate debtor and the interim resolution professional by way of e-mail. - - TaxTMI - TMITa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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