The case involves an appeal against an order dated 24.03.2023, related to an application filed by the respondent under Section 7 of the Insolvency and Bankruptcy Code, 2016, for the resolution of a sum of Rs.7,73,30,22,118.85/-. The corporate insolvency resolution process was initiated, moratorium was imposed, and an Interim Resolution Professional was appointed. The appellant argued that the application was barred by limitation as it was filed more than a decade after the account was declared NPA on 11.07.2012. The respondent contended that the application was filed on the basis of a Recovery Certificate dated 21.02.2020, issued pursuant to a decision of the Debt Recovery Tribunal, Hyderabad, and thus within the period of limitation.
The State Bank of India initiated a corporate insolvency resolution process against Sanjay Kumar Makhariya under Section 7 of the Insolvency and Bankruptcy Code, 2016. The account was declared NPA on 11.07.2012. The application under Section 7 was filed on 27.10.2022. The Adjudicating Authority admitted the application on 30.09.2022, imposed a moratorium, and appointed an Interim Resolution Professional. The application was based on a Recovery Certificate dated 21.02.2020, issued pursuant to a decision of the Debt Recovery Tribunal, Hyderabad. The appellant argued that the application was barred by limitation, while the respondent contended that the Recovery Certificate gave rise to a fresh cause of action. The amount in question was Rs.7,73,30,22,118.85/-.
Sign in to view the parties.
The account was…
Recovery Certificate…
The case involves an appeal against an order dated 24.03.2023, related to an application filed by the respondent under Section 7 of the Insolvency and Bankruptcy Code, 2016, for the resolution of a sum of Rs.7,73,30,22,118.85/-. The corporate insolvency resolution process was initiated, moratorium was imposed, and an Interim Resolution Professional was appointed. The appellant argued that the application was barred by limitation as it was filed more than a decade after the account was declared NPA on 11.07.2012. The respondent contended that the application was filed on the basis of a Recovery Certificate dated 21.02.2020, issued pursuant to a decision of the Debt Recovery Tribunal, Hyderabad, and thus within the period of limitation.
The State Bank of India initiated a corporate insolvency resolution process against Sanjay Kumar Makhariya under Section 7 of the Insolvency and Bankruptcy Code, 2016. The account was declared NPA on 11.07.2012. The application under Section 7 was filed on 27.10.2022. The Adjudicating Authority admitted the application on 30.09.2022, imposed a moratorium, and appointed an Interim Resolution Professional. The application was based on a Recovery Certificate dated 21.02.2020, issued pursuant to a decision of the Debt Recovery Tribunal, Hyderabad. The appellant argued that the application was barred by limitation, while the respondent contended that the Recovery Certificate gave rise to a fresh cause of action. The amount in question was Rs.7,73,30,22,118.85/-.
The account was…
Recovery Certificate…