The appeal arises from an order dated 22.03.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad, in C.P.(IB) No. 300/NCLT/AHM/2020. The Adjudicating Authority dismissed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by the Appellant, Vrundavan Residency Pvt. Ltd., on the grounds that the debt was time-barred. The Appellant, a financial creditor, had provided an unsecured loan to the Corporate Debtor, Mars Remedies Pvt. Ltd.
Vrundavan Residency Pvt. Ltd. (the Appellant), a financial creditor engaged in hostel services, provided an unsecured loan to Mars Remedies Pvt. Ltd. (the Corporate Debtor). A board resolution dated 19.04.2011 sanctioned an amount not exceeding Rs. 70,00,000/-. The Appellant disbursed a total of Rs. 68,10,000/- on various dates between 30.06.2011 and 27.02.2015. The Corporate Debtor defaulted on repaying the loan, with a calculation sheet from 2017-2019 showing a default of Rs. 89,24,630/- (principal plus interest). The default continued from 31.03.2017 to 31.12.2019. On 20.02.2020, the Appellant filed an application under Section 7 of the IBC, which was rejected by the Adjudicating Authority on the grounds that the petition was time-barred. The Appellant argued that
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Board Resolution…
Rs. 5,00,000/-…
The appeal arises from an order dated 22.03.2021 passed by the Adjudicating Authority (National Company Law Tribunal), Ahmedabad Bench, Ahmedabad, in C.P.(IB) No. 300/NCLT/AHM/2020. The Adjudicating Authority dismissed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) filed by the Appellant, Vrundavan Residency Pvt. Ltd., on the grounds that the debt was time-barred. The Appellant, a financial creditor, had provided an unsecured loan to the Corporate Debtor, Mars Remedies Pvt. Ltd.
Vrundavan Residency Pvt. Ltd. (the Appellant), a financial creditor engaged in hostel services, provided an unsecured loan to Mars Remedies Pvt. Ltd. (the Corporate Debtor). A board resolution dated 19.04.2011 sanctioned an amount not exceeding Rs. 70,00,000/-. The Appellant disbursed a total of Rs. 68,10,000/- on various dates between 30.06.2011 and 27.02.2015. The Corporate Debtor defaulted on repaying the loan, with a calculation sheet from 2017-2019 showing a default of Rs. 89,24,630/- (principal plus interest). The default continued from 31.03.2017 to 31.12.2019. On 20.02.2020, the Appellant filed an application under Section 7 of the IBC, which was rejected by the Adjudicating Authority on the grounds that the petition was time-barred. The Appellant argued that
…Board Resolution…
Rs. 5,00,000/-…