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TMI Blog2019 (11) TMI 1725X X X X Extracts X X X X X X X X Extracts X X X X ..... dged by the Respondent which falls under the purview of section 18 of the Limitation Act, thus are an acknowledgment of debt. Also, in view of the statements made in the letters, there are no strength in the argument of Respondent that admission was not dear and unequivocal - it is held that the Petition was filed within limitation period. The present Petition has been filed in proper form. The Petitioner has produced several documents including loan sanction letter, final recall notice, CIBIL report, etc. The Petitioner has also proposed the name of interim resolution professional and filed the original written communication by the said professional. It seems that all the compliance under section 7 of the I B Code has been made - Also, Mr. M.K. Zama working as Assistant General Manager with the Petitioner Bank has been properly authorised by the General Manager (Recovery, Legal, Credit Monitoring, RTI, DRT SAMV) to initiate CIRP against the Respondent Company on behalf of the Bank. Petition admitted - moratorium declared. - C.P. (IB) No. 159/KB/2019 - - - Dated:- 20-11-2019 - Jinan KR, Hon ble Member (Judicial) For the Petitioner: Mrs. Lipika Ghosh, Advocate, Mr. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs from the date of IBC came into force and thereby the present application and the claim made therein are not barred by limitation . 5. During arguments, mainly two defences have been taken by the Respondent viz. i) the Petition is time barred since the date of default is 01.01.2015 and it was filed on 25.01 .2019 and ii) that the admission of debt was not dear and unequivocal. To substantiate its submission with regard to limitation, the Respondent has relied on two Supreme Court Judgments viz., Sagar Sharma Anr. v. Phoenix ARC Pvt. Ltd Anr., Civil Appeal No. 7673 of 2019 and Gaurav Hargovindbhai Dave v. Asset Reconstruction Company (India) Ltd Anr. Civil Appeal No. 4952 of 2019. Whereas, the Petitioner has argued that the Petition is not time barred since there is an admission on the part of Respondent through its OTS proposal dated 03.09.2016 and a fresh period of limitation starts therefrom. To substantiate its contention, the Petitioner has relied upon a judgement by this Tribunal in the matter of International Asset Reconstruction Company Ltd V Aditi Oil Extraction Private Ltd. CP (IB) No. 1140/KB/2018. The Counsel for the Petitioner further argued that even though ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 16, the Respondent clearly states that: we therefore propose to pay ₹ 9.70 Cr or part of the sum in the month of June 2017. Any residue will be paid by March, 2018 along with interest on residue @ 6% p.a. In the last paragraph of letter dated 20.12.2018 the Respondent clearly states that: Hope, you will appreciate our endeavour and intention to dear the dues through OTS and we will obliged with your valued advice on the same In the last paragraph of letter dated 20.12.2018 the Respondent dearly stats that: Hence we, once again request you to approve our offer and help us to clear the liabilities immediately 9. From the above letters it is dear that the debt and liabilities have been acknowledged by the Respondent which falls under the purview of section 18 of the Limitation Act, thus are an acknowledgment of debt. Also, in view of the statements made in the aforementioned letters I find no strength in the argument of Respondent that admission was not dear and unequivocal Moreover, in Sudarshan Cargo Pvt. Ltd., v. M/s Techvac Engineering Pvt. Ltd., CO. P. NO. 11/2013 the honourable High Court of Karnataka has observed that: Section 18 does not prov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Code upon the following directions: i. The Petition filed by the Financial Creditor under Section 7 of the Insolvency Bankruptcy Code, 2016 is hereby admitted for initiating the Corporate Insolvency Resolution Process in respect of Zenith Finesee India Private limited. ii. I hereby declare a Moratorium and public announcement in accordance with Sections 13 and 15 of the IBC, 2016. iii. The moratorium is declared for the purposes referred to in Section 14 of the Insolvency Bankruptcy Code, 2016. The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the submission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 of the Insolvency Bankruptcy Code, 2016 shall be made immediately. iv. Moratorium under Section 14 of the Insolvency Bankruptcy Code, 2016 prohibits the following: a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgement, decree or order in any court of law, tribunal, arbitration panel or other authority; b) Transferring, encumbering, alienatin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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