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TMI Blog2022 (5) TMI 581X X X X Extracts X X X X X X X X Extracts X X X X ..... irtual Mode ) KANTHI NARAHARI , MEMBER ( TECHNICAL ) Preamble: The Present Appeal is filed aggrieved by the order dated 21.03.2022 in CP 75 of 2021 passed by the Adjudicating Authority (NCLT) Division Bench-I Chennai whereby the Adjudicating Authority admitted the application filed by the Respondent/Financial Creditor under Section 7 of the I & B Code 2016. Brief Facts: Appellant Submissions: 2. The Ld. Counsel appeared for the Appellant submitted that the Hon'ble NCLT did not consider various factual and legal positions put forth before it and passed the impugned order utterly ignoring the same. It is submitted that the Appellant obtained three Credit facility from the financial Creditor/1st Respondent to develop the mall for a tune ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... until the orders in PBPT had attained finality. 4. The Ld. Counsel further submitted that the Proceedings before the Adjudicating Authority is barred by limitation and therefore prayed this Bench to allow the Appeal by setting aside the impugned order passed by the Adjudicating Authority in admitting and initiating the CIRP against the Corporate Debtor. Analysis/Appraisal: 5. This Tribunal intent to take up the Appeal and decide the same at the admission stage itself having gone through the Appeal and the order under challenge, hence, no notice was ordered to the Respondent. However, Counsel appearing for the Respondents present in person at the time of taking of the Appeal. 6. After hearing the Ld. Counsel for the Appellant the three p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd amend the laws relating to reorganisation and insolvency resolution of corporate persons, partnership firms and individual in a time bound manner for maximisation of value of assets of such persons, to promote entrepreneurship. As held by the Hon'ble Supreme Court the aim and object of the Code is not for recovery of debts but for Resolution of Corporate Persons. In this regard Section 238 of I & B Code, 2016 deal with provisions of the Code to override other laws and the said provision reads as under: "The provisions of this Code shall have effect, notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such law." 9. In view of the above p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no. (iii): The Respondent/financial Creditor in the application form-1 dated 09.03.2021 in part - IV column -2 with regard to date of default it is mentioned that the date of default is 31.05.2018, however the fact remains that the application filed by the Respondent/financial Creditor before the Adjudicating Authority is on 18.03.2021 which is within the period of limitation i.e. 3 years from the date of default as per Section 137 of the limitation Act since the limitation act applicable to the proceedings under IBC. Therefore, the application filed before the Adjudicating Authority is within the period of limitation and accordingly the point is answered against the Appellant. 12. Now we deal with Point no. (iv): The order passed by th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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