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TMI Blog2021 (8) TMI 1264X X X X Extracts X X X X X X X X Extracts X X X X ..... 018. This OTS Proposal has been accepted along with all the terms and conditions by the authorised signatory of the CD - Since the Balance Sheets for Financial Year 2017-18 clearly show the secured borrowings from the Financial Creditors, which constitutes acknowledgment of debt, there are no merit in the contention of the CD as regards the point of limitation. Accordingly, the argument that the petition is filed belatedly and it is barred by limitation, is dismissed. Further the Corporate Debtor has signed and acknowledged One Time Settlement dated 28.02.2018 (page 389) along with its Annexure describing the liability of the CD. The said documents have not been controverted by the CD. However, the OTS Proposal was not complied with by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... greements entered into between the Corporate Debtor and IDBI Bank. The Corporate Debtor defaulted in payment of interest and principal instalments of the said loans and further failed to clear overdue amounts under the loans leading to classification as Non-Performing Asset (NPA) on 30.06.2012. d. Recall Notice dated 20.11.0212 was issued to the Corporate Debtor. Subsequently, the Bank Guarantees were invoked. The Bank had also issued Demand Notice dated 04.04.2013 under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ('SARFAESI Act' for brevity). Subsequently, the said loans, the underlying security interest, all rights, titles and interests therein were assigned to the B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons: (i) M/s. Babulal Rukmanand Vs. Official Liquidator, Bharatpur Oil Mills (Pvt) Limited. Order dated 08.12.1967 in S.B. Company Appeal No. 5 of 1966, rendered by the Hon'ble Rajasthan High Court. Held. ... each one of those balance sheets having been signed by not less than two other directors who, it is admitted, were not in any way interested in the acknowledgment of the liability in favour of the appellant, there is no reason why they should not be held to be valid acknowledgements of the liabilities within the meaning of sec. 19 of the Limitation Act, 1908. (paras 8, 10, 15 and 20) (ii) M/s. Sanjay Lamba Vs. Union Bank of India others, judgment dated 08.04.2021 in Company Appeal (AT) (Insolvency) No. 276 of 202 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Ispat and Power Put Ltd. Vs. Shy am Metalics and Energy Ltd., judgment dated 15.12.2020 in Civil Appeal No. 4041 of 2020 85 Para 27 of the judgment delivered by the Hon'ble Supreme Court in the matter of A. Navinchandra Steels Private Limited Vs. SREI Equipment Finance Limited others, judgment dated 01.03.2021 in Civil Appeal Nos. 4230-4234 of 2020. 8. The Financial Creditor submitted that the following documents prove the debt: (a) Sanction Letter dated 17.02.2010, (b) Loan Agreements dated 04.03.2010, (c) Personal Guarantees of the promoters dated 02.03.2010, (d) Deeds, of Hypothecation dated 04.03.2010, (e) Statement of Dues of the Loans in tabular computation of outstanding dues (page 401). 9. We have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the CD as regards the point of limitation. Accordingly, the argument that the petition is filed belatedly and it is barred by limitation, is dismissed. 12. Further the Corporate Debtor has signed and acknowledged One Time Settlement dated 28.02.2018 (page 389) along with its Annexure describing the liability of the CD. The said documents have not been controverted by the CD. However, the OTS Proposal was not complied with by the CD and they failed to pay the OTS amount within the stipulated period and thereby committed a default, as a result of which the OTS was revoked by the FC on 07.06.2018. 13. Considering the above facts and circumstances, this Adjudicating Authority admits this petition under section 7 of the IBC, 2016, declar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the condition that there is no default in payment of current dues arising for the use or continuation of the license, permit, registration, quota, concession, clearances or a similar grant or right during the moratorium period. iv. That the provisions of sub-section (1) of Section 14 shall not apply to such transactions as may be notified by the Central Government in consultation with any financial sector regulator. v. That the order of moratorium shall have effect from this day, the 6th day of August 2021, till the completion of the Corporate Insolvency Resolution Process or until this Bench approves the Resolution Plan under Sub-Section (1) of Section 31 or passes an order for liquidation of Corporate Debtor under Section 33, wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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