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TMI Blog2022 (3) TMI 236X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Term Borrowing - Further, page 165, Vol.-I of the Appeal which is the Financial Statement of the Respondent ending on 31.03.2016 for amount of 54,71,783/- is shown under the heading of Long Term Borrowing . Further, page 208, Vol.-I of the Appeal which is the Account Ledger Confirmation of the Appellant duly signed by the Respondent s authorized signatory starting from 01st April 2015 to 31st March 2016 shows that the amount of 54,71,783/- as a Long Term Borrowing . Similarly, certificate given by B.C. Patel Co., Chartered Accountants (at page 209, Vol.-I of the Appeal) after verified from the ledger account and other relevant documents shows that the Respondent had an outstanding of 89,24,630/- till 31st December 2019. - the Ld. Adjudic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oard Resolution dated 19.04.2011 sanctioning an amount not exceeding ₹ 70,00,000/-. The Appellant is a Financial Creditor and it disbursed total amount of ₹ 68,10,000/- on various dates which are hereunder: Date Amount disbursed 30.06.2011 ₹ 5,00,000/- from the Account of the Appellant with the Corporation Bank to that of the Corporate Debtor through RTGS bearing reference no. 2060CP3006110001. 31.08.2012 ₹ 24,00,000/- from the Account of the Appellant with the Corporation Bank to that of the Corporate Debtor through RTGS bearing reference no. 2060CP3108120002. 18.06.2013 ₹ 6,00,000/- from the Account of the Appellant with the Corporation Bank to that of the Corporate Debtor through RTGS bearing referen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loan and the calculation sheet from 2017-2019 shows a default of ₹ 89,24,630/- (principal amount plus interest). The default has continued since then i.e. 31.03.2017 to 31.12.2019. Thereafter, on 20.02.2020, the Appellant filed an Application under Section 7 of the IBC before the Ld. Adjudicating Authority and after hearing the parties the said Application was rejected holding that the petition is not maintainable as time barred. Hence this Appeal. Submissions on behalf of the Appellant 3. The Learned Counsel for the Appellant during the course of argument and in his Written Submissions submitted that Ld. Adjudicating Authority while rejecting the Application filed under Section 7 of the IBC has given finding that the debt is barre ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mentioned in the Section 7 Application (at page 71, Vol.- I of the Appeal). The Respondent's last payment was made on 29.09.2015 and thereafter, an amount of ₹ 54,71,783/- remained unpaid. The Ld. Adjudicating Authority has considered 29.09.2015 as the date to compute the period of limitation, without considering that the default continued from 31.03.2017 to 31.12.2019 owing to acknowledgements made by the Respondent. Based on these grounds the impugned order cannot be sustained and fit to be set aside and the Appeal be allowed. 7. Despite several opportunities to the sole Respondent - M/s. Mars Remedies Pvt. Ltd. (Corporate Debtor), failed to appear and thereafter, the order dated 29.11.2021 passed by this Bench, the matter was proc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 89,24,630/- till 31st December 2019. We are of the considered view that the Ld. Adjudicating Authority while passing the impugned order did not peruse the aforesaid documents. ORDER 9. Taking all these facts and circumstances of the case, we are of the considered view that the impugned order cannot be sustained in the eyes of law, therefore, the impugned order dated 22.03.2021 passed by the Ld. Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad in C.P.(IB) No. 300/NCLT/AHM/2020 is hereby set aside and the matter is remitted back to the Ld. Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad with a request to hear the parties and after perusing the aforesaid documents where ..... X X X X Extracts X X X X X X X X Extracts X X X X
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