The Appellant, Indian Overseas Bank, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against M/s Patel Woods Products Ltd. (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench-V rejected the application on the ground that it was barred by limitation. The Appellant argued that the application was not barred by limitation as the Respondent had made payments in 2016.
The Respondent (Corporate Debtor) had taken credit facility on 2004-04-27 which was enhanced/renewed from time to time by the Financial Creditor by letter dated 2005-08-08, 2006-09-11, 2007-01-22, 2008-02-05, 2008-08-06, 2008-10-22 onwards upto 2011-01-21. The Corporate Debtor accepted and acknowledged the liability towards the Appellant on various dates by executing the Revival Letters dated 2007-01-22, 2007-05-12, 2009-03-31, 2011-01-27 and 2014-01-25. The Appellant declared the subject amount as Non-Performing Asset (NPA) on 2012-02-27 w.e.f 2010-10-28. The default took place on 2010-10-28, and the subject amount was declared NPA on 2012-02-27 w.e.f. 2010-10-28. The Appellant had taken action under Section 13(2) of SARFAESI Act, 2002 and issued notice on 2012-12-03
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The Appellant, Indian Overseas Bank, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against M/s Patel Woods Products Ltd. (Corporate Debtor). The Adjudicating Authority (National Company Law Tribunal), New Delhi Bench-V rejected the application on the ground that it was barred by limitation. The Appellant argued that the application was not barred by limitation as the Respondent had made payments in 2016.
The Respondent (Corporate Debtor) had taken credit facility on 2004-04-27 which was enhanced/renewed from time to time by the Financial Creditor by letter dated 2005-08-08, 2006-09-11, 2007-01-22, 2008-02-05, 2008-08-06, 2008-10-22 onwards upto 2011-01-21. The Corporate Debtor accepted and acknowledged the liability towards the Appellant on various dates by executing the Revival Letters dated 2007-01-22, 2007-05-12, 2009-03-31, 2011-01-27 and 2014-01-25. The Appellant declared the subject amount as Non-Performing Asset (NPA) on 2012-02-27 w.e.f 2010-10-28. The default took place on 2010-10-28, and the subject amount was declared NPA on 2012-02-27 w.e.f. 2010-10-28. The Appellant had taken action under Section 13(2) of SARFAESI Act, 2002 and issued notice on 2012-12-03
…The Respondent…
The default…