# In the matter of Canara Bank Vs. Mr. Kannan Tiruvengadam CA(AT)(Ins) No. 1344 - 1345 of 2019

> NCLAT judgment dated 2019-12-09. Citation: TCN-2019-NCLAT-00044. Canara Bank filed an appeal against an order. The appellant's counsel argued that the appeal…

- **Court:** NCLAT
- **Order date:** 9 Dec 2019
- **Citation:** TCN-2019-NCLAT-00044
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/canara-bank-vs-mr-kannan-tiruvengadam-ca-03c0b2a6

## Summary

### Background

Canara Bank filed an appeal against an order. The appellant's counsel argued that the appeal was barred by limitation. The appellant, Canara Bank, agreed to comply with an order dated September 6, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, and hand over the 'Fixed Deposit Receipt' (FDR) of the same amount to the 'Resolution Professional' by December 30, 2019.

## Facts

Canara Bank filed an appeal. The counsel for Canara Bank argued that the appeal was barred by limitation. Canara Bank agreed to comply with the order dated 6th September, 2019, passed by the Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, to hand over the 'Fixed Deposit Receipt' (FDR) to the 'Resolution Professional' by 30th December, 2019. The Resolution Professional's counsel stated that the resolution plan had been approved. The court allowed Canara Bank to hand over the FDR for Rs.1,96,12,749/- including the interest accrued thereon or also renew the FDR from the date it was debited and hand over the same to the 'Resolution Professional'.

## Issues and analysis

### Issue 1: Whether the appeal is …

**Ratio:** The court acknowledged the appellant's argument

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**Reasoning:** The court did not explicitly rule on the limitation issue but proceeded based on the

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**Interpretation:** The court considered the limitation argument but focused on the practical

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**Application:** The court did not make a definitive ruling on the limitation issue, as Canara

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…; +1 more
- **Appellants:** Canara…
- **Respondents:** Kannan Tiruvengada…
- **Advocates:** Rajesh Kr.…; Khushboo Ag…; +3 more

## Timeline

- **2019-09-06 — Order by Adjudicating…**: Adjudicating Authority (National Company Law Tribunal), Kolkata Bench, Kolkata, passed an…
- **2019-12-09 — Court He…**: Learned counsel for the Appellant pointed out that the appeal is barred by limitation.…

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