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TMI Blog2022 (7) TMI 829X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 to the SBI. Further, the assignment of debt of debt happened after the payment of Rs.27,00,000 to the SBI. Hence, the rest of the amount could not be deposited. However, the Corporate Debtor undertakes to pay the balance amount i.e., Rs.153 Lakhs - Further, from the Financial Statements for Financial years 2014-2015, 2015-2016, 2016-2017 and 2017-2018 of the Corporate Debtor it is clear that the Corporate Debtor has unconditionally acknowledged the debt. It is clear that the Financial Creditor has successfully satisfied this Adjudicating Authority of the existing debt and default - Application admitted - moratorium declared. - C. P. (IB)/1226/KB/2019 - - - Dated:- 14-7-2022 - Shri Rohit Kapoor : Member (Judicial) And Shri Harish Chander Suri : Member (Technical) For the Financial Creditor : Mr. Victor Dutta, Adv. : Mr. Sourojit Dasgupta, Adv. For the Corporate Debtor : Mr. Buddhadeb Das, Adv. ORDER Per Rohit Kapoor, Member (Judicial) 1. The Court is convened via hybrid mode. 2. This is a Company Petition filed under section 7 of the Insolvency and Bankruptcy Code, 2016 ( the Code ) read with Rule 4 of the Insolvency and Bankruptcy (Application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Propert owned by the Corporate Debtor being Deed No.257 of 1999 comprising piece and parcel of landed property measuring about 5.02 acres in Dag No. 2166, 2167, 2306, 3619 and 3620 at Mouza Kalinagar. e) After the Assignment Agreement dated 18 June, 2014, the Financial Creditor stepped into the shoes of the SBI. On 22 November, 2017, the Corporate Debtor admitted their claim and requested for one time settlement to the Financial Creditor for an amount of Rs.171.86 lacs (Annexure K of the Petition). 6. The Corporate Debtor has filed its reply affidavit, wherein the Corporate Debtor submits as follows: a) The present application is not maintainable in law and also barred by limitation. Further, it has been filed by a person who is not authorized in law to represent the Financial Creditor. b) The Corporate Debtor had challenged the steps taken by the SBI under the Act of 2002 before the Ld. Debt Recovery Tribunal and diverse orders were passed from time to time. The Financial Creditor has failed to disclosed any documents which records the default. 7. Supplementary Affidavit on behalf of the Corporate Debtor a) The Financial Creditor cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dge of the Financial Creditor being the assignor of the loan account. Analysis Findings 9. We have heard the Ld. Counsel appearing for the parties and perused the records and the concerned documents annexed to the Petition. 10. Upon perusal of the records at page 3 of the Reply by the Corporate Debtor, it is undisputed that the credit facility/loan was disbursed by the SBI to the Corporate Debtor and the Corporate Debtor defaulted in repayment of such debts. The account of the Corporate Debtor was declared as the NPA on 29 March, 2012. However, vide Assignment Agreement dated 18 July, 2014, the SBI assigned the debt to the Financial Creditor (Assignment Agreement at page 13 65 of the Petition). 11. With respect to the ground of limitation taken by the Corporate Debtor it is pertinent to mention that as per the letter dated 20 April, 2022 from the Corporate Debtor to the Financial Creditor, it is apparent that the Corporate Debtor was very much aware of the assignments of debt to the Financial Creditor. In the said letter, the Corporate Debtor has categorically stated that the revised settlement amount was Rs.180 Lakhs, out of which the Corporate Debtor had pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te guarantor (corporate debtor), as the case may be, acknowledge their liability to pay the debt. Such acknowledgment, however, must be before the expiration of the prescribed period of limitation including the fresh period of limitation due to acknowledgment of the debt, from time to time, for institution of the proceedings under Section 7 of the Code. Further, the acknowledgment must be of a liability in respect of which the financial creditor can initiate action under section 7 of the Code. 14. In Rajendra Narottamdas Sheth and Another v. Chandra Prakash Jain and Another 2021 SCC OnLine SC 843, the Hon ble Supreme Court 23. It is no more res integra that Section 18 of the Limitation Act is applicable to applications filed under Section 7 of the Code. In case the application under Section 7 is filed beyond the period of three years from the date of default and the financial creditor furnishes the required information relating to the acknowledgement of debt, in writing by the corporate debtor, before the Adjudicating Authority, with such acknowledgement having taken place within the initial period of three years from the date of default, a fresh period of limitation com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wledge to the IRP within one week from the date of receipt of this Order, in default of which coercive steps will follow. (g) The IRP/RP shall submit to this Adjudicating Authority progress reports with regard to the progress of the CIRP in respect of the Corporate Debtor. (h) The Financial Creditor shall deposit a sum of Rs.5,00,000/- (Rupees Five Lakh only) with the IRP to meet the expenses arising out of issuing public notice and inviting claims. These expenses are subject to approval by the Committee of Creditors (CoC). (i) In terms of section 7(5)(a) of the Code, Court Officer of this Court is hereby directed to communicate this Order to the Financial Creditor, the Corporate Debtor and the IRP by Speed Post, email and WhatsApp immediately, and in any case, not later than two days from the date of this Order. (j) Additionally, the Financial Creditor shall serve a copy of this Order on the IRP and on the Registrar of Companies, West Bengal, Kolkata by all available means for updating the Master Data of the Corporate Debtor. The said Registrar of Companies shall send a compliance report in this regard to the Registry of this Court within seven days from th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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