9911796707
TMI Blog2021 (4) TMI 890X X X X Extracts X X X X X X X X Extracts X X X X ..... ekapudi, Member (T) For the Appellant : G. Vairava Subramanian, B. Raghupathy, A. Kandhan, Kaushik Narayanan and Rekhala Prabakar, Advocates ORDER Bhaskara Pantula Mohan, Member (J) 1. The present Application is filed by Mr. M. Seshavatharam, Suspended, Director of M/s. Sri Guruprabha Power Limited/Corporate Debtor under Section 60(5) of Insolvency and Bankruptcy Code, 2016 (for brevity 'I B Code') r/w. Rule 11 of NCLT Rules, 2016 and Section 420 of the Companies Act, 2013 praying the Tribunal- i. To review the application filed vide CP (IB) No. 681/7/HDB/2018 under Section 7 of the I B Code, 2016 and dismiss the application as the same is barred by limitation; and ii. To declare all further proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Order is enclosed as Annexure-II of the application. iii. It is averred that the Impugned Order dated 20.09.2019 pronounced by the Hon'ble NCLT, Hyderabad was based on the application filed under Section 7 of the I B Code, 2016 contains certain inherent errors, for which the current petition is filed. iv. It is averred that the Hon'ble NCLT, Hyderabad ought to have taken note of the default date as stated in Part IV Clause (2) of the relevant application filed by the Financial Creditor under Section 7 r/w Rule 4 of the I 85 B Code, 2016 wherein the date of default mentioned as 31.05.2011. A copy of Form-I filed by the Financial Creditor is enclosed as Annexure-III of the application and accordingly, this application is o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther application for which no period of limitation is provided elsewhere in this division Three Years When the right to apply accrues viii. He relied on the Order dated 11.10.2018 issued by the Hon'ble Supreme Court of India in the matter of B.K. Educational Services Pvt. Ltd. vs. Paras Gupta Associates (2019) 11 SCC 633, in para 27 held that it is thus clear that since the Limitation Act is applicable to applications filed under Section 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 appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nium Industries Pvt. Ltd. Anr. in para 20 held that Having taken note of the rudiments that the Code is a beneficial legislation intended to put the Corporate Debtor on its feet and it is not a mere money recovery legislation for the creditors; and having also noticed that CIRP is not intended to the adversarial to the Corporate Debtor but is essentially to protect is interests and that CIRP has its genesis in default on the part of the Corporate Debtor, we may now examine the operation of law of limitation over the proceedings under the Code . xii. It is also relied on the order issued by Hon'ble NCLAT in the matter of Bank of India Central Bank of India vs. Coastal Oil Gass Infrastructure Pvt. Ltd. held as shown at para 15 p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. We have heard the Counsel for Applicant. We have gone through the records submitted before us. The Counsel for Applicant would contend that the Company Petition CP(IB) No. 681/7/HDB/2018 filed under Section 7 of the Insolvency Bankruptcy Code, 2016 was admitted by this Tribunal on 20.09.2019 and invoked the CIRP process. 4. The counsel for Applicant would contend that during the CIRP process, the RP and COC filed an application IA No. 685/2020 for liquidation of the Corporate Debtor and this Hon'ble Tribunal issued an order dated 22.02.2021 for liquidation of the Corporate Debtor 5. The counsel for Applicant relied on the following decisions of the Hon'ble Supreme Court of India and Apex Court: i. Order issued by th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
