9911796707
TMI Blog2021 (12) TMI 678X X X X Extracts X X X X X X X X Extracts X X X X ..... solution Process (CIRP). 2. The Grounds on the basis of which the said prayer is made or that the Company Petition is barred by the limitation are as follows: i. The Company Petition is barred by the limitation as, admittedly the Corporate Debtor was declared as NPA by the Financial Creditor on 30.06.2002. As per Article 137 of Limitation Act, the limitation period is three years from the date when the right to apply accrues i.e., date of declaration of NPA. ii. The Financial Creditor filed the present Company Petition vide CP (IB) No. 82/7/AMR/2020 after the expiry of 18 years 28 days i.e. on 02.06.2020. Hence, the Petition is barred by limitation. 3. The Respondent filed counter denying the contention of the Petition being barred by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Application kept the claim alive and therefore, it would not be proper on the part of the Corporate Debtor to contend that the claim is barred by limitation. v. The Corporate Debtor is a running Company, filing balance sheets of the Company, each and every year showing the entry regarding the above loan in the column of liabilities, which amounts to acknowledgement of debt. A copy of the Balance Sheet for the year 2020 along with Extract of Annual Returns is filed to show the same. Hence the acknowledgement of liability extends the limitation. Hence, the IA. No. 119/2021 is liable to be dismiss. 4. Heard arguments of Counsel for the Applicant and Counsel for the Respondent. The Admitted fact is that the Applicant/Corporate Debtor was de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ithin limitation, since it is held in the above cited judgment that a judgement or a decree for money in favour of the Financial Creditor passed by the DRT or any other Tribunal or Court or the issuance of the certificate of recovery in favour of the Financial Creditor would give rise to a fresh cause of action for the Financial Creditor to initiate proceedings under Section 7 of the IBC, 2016 for the initiation of Corporate Insolvency Resolution Process within three years from the date of judgment or decree or within three years the date of issuance of certificate of recovery if the dues of the Corporate Debtor to the Financial Creditor under a judgement and decree/or in terms of certificate of recovery or any part there of remaining unpai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... abilities in the said balance sheet and submits that since the Respondent alone is the Bank it has to be understood that the said debt is the debt which is due to the Financial Creditor i.e., the petitioner bank. The Counsel for the Applicant/Corporate Debtor contends that the said entry in the balance sheet cannot at any stretch of interpretation be considered as acknowledgement of the debt. Since, it is shown under non-current liabilities. 11. The Contention of the Counsel is that since, the dispute is pending before the DRT, the same is shown as non-current liability and unless the DRT adjudicates the liability of the Petitioner it would not become a debt. This Tribunal finds good amount of force in the said argument. Apart from that, t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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