The Appellate Tribunal held that the Financial Creditor is ...

The Tribunal allowed the Financial Creditor to amend the date of default for computing limitation to file u/s 95.

Case Laws     Insolvency and Bankruptcy

July 17, 2024

The Appellate Tribunal held that the Financial Creditor is permitted to amend the date of default pleaded in the rejoinder affidavit, as the date of default is relevant for computing the limitation period for filing an application u/s 95. It is well-settled that a Financial Creditor can supplement the application by filing additional documents. In this case, the issue of invoking the Personal Guarantor's guarantee was specifically raised. The Adjudicating Authority granted time to the Personal Guarantor to file a reply opposing the new date of default inserted by the Petitioner. The Personal Guarantor has ample opportunity to satisfy the court that the amended date is not the correct date and raise contentions regarding limitation. Parties are entitled to bring additional materials on record, which can be accepted by the Adjudicating Authority. The rights of the Personal Guarantor are fully protected, and there are no grounds to entertain the appeal, which is dismissed.

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