9911796707
TMI Blog2023 (12) TMI 1217X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal in its order dated 25.03.2022 wherein it has been held that the debt and default both are present in this case but the Tribunal did not admit the application only on the issue that the Application was found to be barred by limitation. The question of limitation was taken to the higher court and ultimately it has been proved that the application was within the limitation. In such circumstances, the Tribunal should not have gone in for further investigating on the issue as to whether there is debt and default in the present case for the purpose of admission of the application. The Tribunal is directed to admit the application filed by the Appellant on the next date of hearing and pass further necessary orders in accordance with la ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . However, keeping in view that the date of NPA in respect of all the four loans are between 26.06.2011 to 31.07.2011 and the petition has been filed only on 30.08.2019, the limitation issue is very pertinent in the matter. The Bench has to take a call whether the debt is time-barred or not, in terms of provisions of the limitation act, 1963. 3. Thereafter, the Tribunal dealt only with the issue of limitation and recorded a finding in Para 41 of the impugned order to the following effect Therefore, in all, the petition is time barred as it has been filed after more than five years from the date of the final judgment of the London High Court and liable to be dismissed under the Limitation Act, 1963. Accordingly, the bench dismisses the C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this tribunal had dismissed the Company Petition No. 3425 of 2019 vide order dated 25.03.2022. Thereafter, the applicants assailed the order passed by this tribunal by way of Company Appeal No.579 of 2022 before the Hon'ble NCLAT and thereafter, the Hon'ble Appellate Tribunal vide order dated 09.05.2023 set-aside the NCLT order dated 25.03.2022. After hearing the submissions of counsel appearing for the applicant, this bench feels that this a fit case for allowing the above application. Accordingly, the above application is allowed taking the order dated 09.05.2023 passed by Hon'ble NCLAT on record and also restoring the main company petition to file. Registry as well as Petitioner are directed to issue notice to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the Respondent, ist this matter on 09.10.2023. 10. On 09.10.2023 the following order was passed by the Tribunal which read as under:- 1. Adv. Hafeez Patanwala appearing for the Applicant and Adv. Konish Khetan appearing for the Respondent are present. 2. Counsel appearing for the Respondent submits that the Petitioner had filed Section 7 Petition which was dismissed by this Adjudicating Authority and thereafter, the Petitioner took the matter before Hon'ble NCLAT. The Hon'ble NCLAT set aside the order passed by this Adjudicating Authority and thereafter the Corporate Debtor took the matter before Hon'ble Supreme Court. Hon'ble Supreme Court dismissed the said appeal. However, the Corporate Debtor filed rev ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted that no doubt the application under Section 7 of the Code was initially dismissed on the ground of limitation and the said order was set aside by this Tribunal and they could not succeed in the Hon ble Supreme Court but the issue as to whether the application has to be allowed (admitted) for the purpose of initiation of CIRP is to be decided by the Tribunal as according to him even if the Tribunal has recorded a finding in para 29 of the order dated 25.03.2022 that there is a debt and default yet the same has to be payable. In this regard, Counsel for the Appellant has argued that once the debt and default is proved which is evident from the findings recorded, the further proceedings is the admission of the application filed under ..... X X X X Extracts X X X X X X X X Extracts X X X X
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