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TMI Blog2021 (7) TMI 668X X X X Extracts X X X X X X X X Extracts X X X X ..... itted that the installment of month of January, 2019 remain unpaid so the default date started on 30.01.2016. There is a clear acknowledgment on behalf of two Directors one who have died subsequently. There is no illegality in the Impugned Judgement passed by the Adjudicating Authority and Impugned Judgement is hereby affirmed - there is no merit in this Appeal - Appeal dismissed. - COMPANY APPEAL (AT) (INSOLVENCY) NO. 08 OF 2021 - - - Dated:- 8-7-2021 - [Justice Anant Bijay Singh] Member (Judicial) And [Ms. Shreesha Merla] Member (Technical) For the Appellant : Mr. Keith Varghese, Advocate. For the Respondent : Mr. Aditya Kumar, for R-1. Mr. C. George Thomas, for R-2/ IRP. JUDGEMENT Anant Bijay Singh (J) 1. The Instant Appeal bearing Company Appeal (AT) (Insolvency) No. 08 of 2021 filed on behalf of the Corporate Debtor M/s RaghukulCottex Processing Pvt. Ltd. being aggrieved and dissatisfied by the Order dated 18.12.2020 by National Company Law Tribunal, Ahmedabad Bench, Ahmedabad Court-2 in C.P. (I.B) No. 380/NCLT/AHM/2019 whereby and where under the Learned Tribunal on an Application filed on behalf of the Respondent No. 1(Financial Creditor) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. This Appeal was filed by Appellant on 29.12.2020. The case of Appellant (Corporate Debtor) in short is as follows:- (i) That the Appellant who is a director and a shareholder of M/s. RaghukulCottex Processing Pvt. Ltd. (ii) Corporate Debtor/ M/s. RaghukulCottex Processing Pvt. Ltd. had availed credit facilities worth ₹ 14,85,00,000/- from Respondent No. 1/ Bank of India on 31.03.2014. 4. The Appellant (Corporate Debtor) wasfailed to pay the defaulted payment of installment in January 2016 and consequently the account was declared as Non-Performing Asset on 07.06.2016. 5. The Respondent No. 1 (Financial Creditor) through his Chief Manager Mr. Raj Kumar Gautam filed an application under Section 7 of I B Code read with Rule 4 of the Insolvency Bankruptcy Code, National Company Law Tribunal, Ahmedabad Bench, Ahmedabad Court-2 in C.P. (I.B) No. 380/NCLT/AHM/2019 whereby the Appellant appeared and filed his Reply Affidavit and after hearing the Adjudicating Authority National Company Law Tribunal, Ahmedabad Bench, Ahmedabad Court-2 passed the Order dated 18.12.2020 as the Appeal. 6. Submissions on behalf of the Appellant:- (i) Learned Couns ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot extend the limitation period. (ix) So, based on these submissions Learned Counsel for the Appellant submitted that the Impugned Order cannot be sustained of the limitation and fit to be set aside the Appeal be allowed. 7. Submissions on behalf of the Respondent No. 1 (i) Learned Counsel for the Respondent No. 1 in his Reply Affidavit and also in his Additional Written Submissions filed during the course of the argument referred to Para-4 at Page-38 of the Appeal Paper Book, Volume- I filed under Section 7 of the IBC before the Adjudicating Authority, where date of default is mentioned on 07.06.2016 total outstanding amount payable was ₹ 23,07,58,224.09/- on 04.06.2019. (ii) An Application under Section 7 was filed by Respondent No. 1 on 06.06.2019. So, it is within the Limitation as it is filed within the prescribed limitation period of three years as per Article 137 of the Limitation Act, 1963. (iii) Learned Counsel for the Respondent No. 1 further submitted that while relying on the Judgment of the Hon ble Supreme Court in the matter of Gaurav Hargovindbhai Dave Vs. Asset Reconstruction Company (India) Ltd. reported in (2019) 10 SCC 572, wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase also the Learned Adjudicating Authority have considered the fact that in Part 4 of the application under Section 7 filed by Respondent relevant at Page-38 of the Appeal Paper Book. Date of default is given as 07.06.2016 provision of section and the application within time. (viii) It was further argued that in view of the acknowledgment referred to Page- 264 of Volume II of the Appeal Paper Book while relevant acknowledgment of the debt marked at Page-266, whereby on 19.11.2018 two Directors have acknowledged of the Appellant s Company in the provision of Section 18 of the Limitation will be acknowledged and there is no question of Limitations and the application filed by Respondent No. 1 under Section 7 of IBC is within Limitation which as follows: - (ix) Learned Counsel for the Respondent No. 1 further submitted that so far lodged of a police complaint by the Appellant is concerned in oral argument and also in his Written Submission and only after this document was produced before the Adjudicating Authority, the police complaint was lodged on 01.10.2020 marked at Page 271, Volume-II of the Appeal Paper Book. A written complaint was given to Police Sub Inspector at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lume-I of the Appeal Paper Book marked at Page-38 the date of default is mentioned as 07.06.2016. (ii) The Appellant in the Reply Affidavit filed before the Adjudicating Authority Para 4 at Page- 65 of the Appeal Paper Book, Volume- I has already stated that 07.06.2016 is the date when the account of the Appellant was declared NPA. And in Para-9 of the Reply Affidavit marked at Page- 67 of the Appeal Paper Book, they have admitted that the installment of month of January, 2019 remain unpaid so the default date started on 30.01.2016. (iii) Subsequently, through Additional Affidavit filed by the Respondent No. 1 before the Adjudication Authority at Annexure-A/8 Page-262 of the Appeal Paper Book, Volume-II relevant at Page-266 that Respondent No. 1 produced the acknowledgment dated 19.11.2018 signed by two of the Directors mentioned herein above. This acknowledgement shows that two of the Directors have acknowledged the debt of Sum of ₹ 13,87,48,994.57/-. Although the Learned Counsel for the Appellant tried to repudiate this document while stating that soon after this document came into knowledge after police complaint was lodged marked at Page-271, Volume-II of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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