9911796707
TMI Blog2019 (10) TMI 1457X X X X Extracts X X X X X X X X Extracts X X X X ..... he credit was advanced against the consideration for time value of money. The plea raised by the Respondent that the project could not be completed due to the NOCL s inability to set up the refinery and the reasons for the Respondent s inability to repay the loan as defence would be irrelevant - Admittedly the Respondent has not repaid the loan - Answered in affirmative. Whether the Respondent has defaulted in repayment of the Debt? - HELD THAT:- The present Application being barred by limitation cannot be admitted - answered in the negative. The Company Petition be and the same is rejected on contest. The rejection of this Application however shall not be a bar for the Financial Creditors to recover the debt under law in any other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for developing and for putting up the storage facility on Build, Own, Operate, Transfer (BOOT) arrangement for a period of 20 years. The Respondent therefore sought financial arrangement from the Consortium banks to fund the project of putting up the storage facility. The present Petitioners as members of the consortium of banks respectively sanctioned a loan of ₹ 198 Crs and ₹ 98.85 Crs on execution of various loan agreements and mortgage deeds. The Respondent defaulted in repayment of the Financial Debt respectively to the tune of ₹ 251,20,90,427/- and ₹ 119,1 1,78,336/- with effect from 16.03.2015. The Petitioners accordingly came up with the present Petition on 25.09.2018 before the NCLT, Hyderabad Bench with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ead: they have come up with the present Petition which is not maintainable and is an abuse of process of law and against the spirit of the Code. 6. The Petitioners in their rejoinder have refuted the averments made in the counter. It is submitted that the Petition deserves to be admitted. The Company Petition was transferred to this Tribunal upon its establishment. 7. Basing on the rival pleadings the following issues emerge for determination. I. Whether the Respondent owes a Financial Debt to. the Petitioners? II. Whether the Respondent has defaulted in repayment of the Debt? Ill. Whether the Petition merits admission? Issue Nos. 1 I: 8. Admittedly the Respondent had entered into an Agreement (TSA) with NOCL for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8.09.2019). The Hon ble Apex Court held as follows. Having heard the learned counsel for both sides, what is apparent is that Article 62 is out of the way on the ground that it would only apply to suits. The present case being an application which is filed under section 7, would fall only within the residuary article 137. As rightly pointed out by learned counsel appearing on behalf of the appellant, time, therefore, begins to run of 21.07.2011, as a result of which the application filed under section 7 would clearly be time-barred. So far as Mr. Banerjees reliance on para 7 of B. K. Educational Services Private Limited (supra), suffice it to say that the Report of the Insolvency Law Committee itself stated that the intent of the Code ..... X X X X Extracts X X X X X X X X Extracts X X X X
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