The Appellant, a shareholder of M/s. Shree Vaishnodevi Mills Pvt. Ltd., filed an appeal against an order passed by the Adjudicating Authority (NCLT, Chennai) on July 22, 2019. The NCLT order admitted an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by M/s. Stressed Assets Stabilization Fund. The Appellant argued that the claim was barred by limitation, citing a 12-year limitation period for mortgage-related claims under Article 62 of the Limitation Act, 1963. The Appellant also claimed that there was a dispute regarding the amount claimed by the Respondent (Financial Creditor). The court noted that the Appellant accepted that there was a mortgage of property made by the Corporate Debtor.

The Appellant, a shareholder of M/s. Shree Vaishnodevi Mills Pvt. Ltd., filed an appeal against an order passed by the Adjudicating Authority (NCLT, Chennai) on July 22, 2019. The NCLT order admitted an application under Section 7 of the Insolvency and Bankruptcy Code (IBC) filed by M/s. Stressed Assets Stabilization Fund. The Appellant argued that the claim was barred by limitation, citing a 12-year limitation period for mortgage-related claims under Article 62 of the Limitation Act, 1963. The Appellant also claimed that there was a dispute regarding the amount claimed by the Respondent (Financial Creditor). The court noted that the Appellant accepted that there was a mortgage of property made by the Corporate Debtor.