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TMI Blog2023 (3) TMI 1481X X X X Extracts X X X X X X X X Extracts X X X X ..... ication under Section 7 of IBC - application barred by limitation which is prescribed under Article 137 of the Limitation Act, 1961 or not - Appellant made various payments up to February, 2017 but also on 07.03.2019 sent a proposal for one time settlement of term loan which tantamounts to acknowledgement - HELD THAT:- There is no substance in the argument of Counsel for the Appellant because the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . For the Respondent : Mr. Mithilesh Kumar Pandey, Adv. for R1 ORDER PER: JUSTICE RAKESH KUMAR JAIN: Punjab National Bank (International) Ltd. (Financial Creditor) filed an application under Section 7 against Warana Dairy and Agro Industries Ltd. (Corporate Debtor) for the resolution of an amount of US$5,725,994.06 (@71(Rs.40,65,45,578.00) inclusive of applicable interest and other charges. The sa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... taining to the event of default which means any of the events or circumstances described in Clause 13.1 (Event of Default) and has then referred to Cluse 13.1 which prescribes that there shall be an event of default if; (a) the borrower fails to pay on the due date in the currency and manner provided in this agreement any sum payable by it under this agreement or any finance document when due. He ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel appearing for Respondent has submitted that not only the Appellant made various payments up to February, 2017 but also on 07.03.2019 sent a proposal for one time settlement of term loan which tantamounts to acknowledgement, therefore, the petition filed under Section 7 on 31.01.2020 was well within the period of limitation and has rightly been held by the Adjudicating Authority in Para 10 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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