9911796707
TMI Blog2024 (11) TMI 730X X X X Extracts X X X X X X X X Extracts X X X X ..... he application itself - Time limitation. Whether the application is barred by time or not? - HELD THAT:- It is well settled that even if there is no plea raised regarding limitation, the court is to oblige to examine the question of limitation before proceeding further in an application - pleadings made by the State Bank of India clearly contains the extension of limitation under Section 18 of the Limitation Act when the pleadings are on the record which provide for extension of limitation no error can be said to be committed by Adjudicating Authority in admitting Section 95 application against the personal guarantor. The application filed under Section 95 was not barred by limitation and on this ground no error can be found. Admission of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ect within the stipulated time thereafter the appeal remained in scrutiny and Registry is re-notified the defects on 05.04.2024 in para 5 to 8. Sufficient cause has been shown for condonation of refiling delay. Refiling delay condoned. Comp. App. (AT) (Ins) No. 1099 of 2024 Heard Counsel for the Appellant as well as Ld. Counsel appearing for the Respondent. This appeal has been filed against the order dated 31.01.2024 passed by National Company Law Tribunal, New Delhi Bench, (Adjudicating Authority) admitting a Section 95 application filed by the State Bank of India against the Appellant the Personal Guarantor. The Appellant has given personal guarantee to the loan which was given to the Corporate Debtor M/s Schifflies India Ltd. The Procee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... all facts pertaining to the limitation relevant dates and pleadings for extension of limitation were made in the application itself. It is submitted that Corporate Debtor has offered twice OTS on 28.11.2016 and 07.09.2017 which shall clearly extend the limitation under Section 18 of the Limitation Act. It is further submitted that OA No. 394 of 2014 was filed against the corporate debtor and other guarantors in which a decree has been passed by DRT on 28.01.2019 which shall also give the extension of limitation. It is submitted that Adjudicating Authority did not commit any error in admitting Section 95 application, the report of the Resolution Professional was duly considered and relied for admission. 5. We have considered submission of C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eadings are on the record which provide for extension of limitation no error can be said to be committed by Adjudicating Authority in admitting Section 95 application against the personal guarantor. We are satisfied that application filed under Section 95 was not barred by limitation and on this ground no error can be found. 8. Ld. Counsel for the Appellant relies on paragraph 1 of the guarantee which is as follows: 1. If at any time default shall be made by the Borrower in payment of the principal sum (not exceeding Rs. 9 Crore) together with interest, costs. charges, expenses and/or other money for the time being due to the Lead Bank in respect of or under the abovementioned credit facilities or any of them the Guarantors shall forthwith ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Forty Eight and Paise Twenty Five Only) as on 25.08.2014. You are also liable to pay future interest on the contractual rate on the aforesaid amount compounded with monthly rests with incidental expenses and costs, charges etc. 8. If you fail to repay to the Bank the aforesaid sum of Rs. 35,49,85,748.25/- (Rupees Thirty Five Crores Forty Nine Lacs Eighty Five Thousand Seven Hundred Forty Eight and Paise Twenty Five Only) as on 25.08.2014 with future interest and incidental expenses, cost as above in terms of this notice, the Bank shall initiate legal action for the recovery of the amounts due with cost and further interest up to the full realization of the claims of the Bank and enforcement of its securities . 10. Thus the notice of demand ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
