{"id":252965,"date":"2021-08-20T10:00:36","date_gmt":"2021-08-20T04:30:36","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=252965"},"modified":"2021-08-27T11:04:31","modified_gmt":"2021-08-27T05:34:31","slug":"nclat-acknowledgment-is-based-on-neighboring-circumstances-and-has-nothing-to-do-with-the-form-rejects-appeal","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/20\/nclat-acknowledgment-is-based-on-neighboring-circumstances-and-has-nothing-to-do-with-the-form-rejects-appeal\/","title":{"rendered":"NCLAT | \u2018Acknowledgment\u2019 is based on neighboring circumstances and has nothing to do with the form-Rejects Appeal"},"content":{"rendered":"

National Company Law Appellate Tribunal\u00a0 (NCLAT):<\/strong> The Coram of Justice Venugopal M (Judicial Member) and V.P. Singh (Technical Member) while setting aside an appeal opined that<\/p>\n

\u201c\u2026this Tribunal an irresistible, inevitable and inescapable conclusion that in respect of the loan account of the \u2018Corporate Debtor\u2019, there was an \u2018Acknowledgement of Debt\u2019 as per Section 18 and 19 of the Limitation Act, 1963\u201d.<\/em><\/p>\n

In the instant appeal, the Appellant was the Suspended Director of corporate debtor, controlling the majority of shareholding 100% of the paid-up capital of Saptarishi Hotels Private Limited (\u2018Corporate Debtor\u2019) through its holding Company, Maha Hotels Projects Private Ltd. The appellant filed an appeal against the impugned order of the National Company Law Tribunal, Hyderabad Bench, Hyderabad wherein the Tribunal had observed that the \u2018Financial Creditor\u2019 had established the \u2018debt and default\u2019 through various documents filed along with the Applications and ultimately, admitted the \u2018Application\u2019 by declaring the \u2018Moratorium\u2019 and issued necessary directions thereto. The counsel for the appellant contended that the adjudicating authority\u2019 had no jurisdiction to admit the \u2018Corporate Debtor\u2019 for \u2018Corporate Insolvency Resolution Process\u2019 in spite of the fact the same being barred by \u2018Limitation\u2019.<\/p>\n

The Tribunal while taking into account the \u2018acknowledgment\u2019 so rendered stated,<\/p>\n

\u201c\u2026that Section 18 of the Limitation Act, 1963 does not enjoin that an \u2018acknowledgement\u2019 has to be in any particular form or to be express. It must be borne in mind that an \u2018acknowledgement\u2019 is to be examined resting upon the attendant circumstances by an admission that the writer owes a \u2018Debt\u2019. No wonder, an \u2018Unconditional Acknowledgement\u2019 implies a promise to pay because that is the natural inference if there is no other contrary material\u201d. <\/em><\/p>\n

Further, to treat the writing signed by an individual as an \u2018Acknowledgement\u2019, the person acknowledging must be conscious of his liability and the commitment ought to be made in respect of that liability.<\/p>\n

And considering the sum of Rs.15,262.75 was paid by the \u2018Corporate Debtor\u2019 after which the due amount was Rs 144,02,51,063.09,\u00a0 concluded that<\/p>\n

\u201c\u2026this tribunal comes to an irresistible, inevitable and inescapable conclusion that in respect of the loan account of the \u2018Corporate Debtor\u2019, there was an \u2018Acknowledgement of Debt\u2019 as per Section 18 and 19 of the Limitation Act, 1963\u201d.<\/em><\/p>\n

[Lakshmi Narayan Sharma v. Punjab National Bank, 2021 SCC OnLine NCLAT 155<\/b><\/a>, decided on 12-05-2021]<\/p>\n

\n

Counsels for the Parties:<\/strong><\/p>\n

For Appellant :<\/p>\n

Mr. Rajashekar Rao, Sr. Advocate<\/p>\n

For Mr. Suraj Prakash, Mrinal Lotoria, Advocates<\/p>\n

For Respondents:<\/p>\n

Shri T.Ravichandran, Advocate<\/p>\n

Shri T.S.N.Raja, PCA<\/p>\n

(Interim Resolution Professional)<\/p>\n","protected":false},"excerpt":{"rendered":"

National Company Law Appellate Tribunal\u00a0 (NCLAT): The Coram of Justice Venugopal M (Judicial Member) and V.P. Singh (Technical Member) while setting aside <\/p>\n","protected":false},"author":67011,"featured_media":153604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[46789,30596,29785],"class_list":["post-252965","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-acknowledgment","tag-corporate-debtor","tag-law"],"yoast_head":"\nNCLAT | \u2018Acknowledgment\u2019 is based on neighboring circumstances and has nothing to do with the form-Rejects Appeal | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2021\/08\/20\/nclat-acknowledgment-is-based-on-neighboring-circumstances-and-has-nothing-to-do-with-the-form-rejects-appeal\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NCLAT | \u2018Acknowledgment\u2019 is based on neighboring circumstances and has nothing to do with the form-Rejects Appeal\" \/>\n<meta property=\"og:description\" content=\"National Company Law Appellate Tribunal\u00a0 (NCLAT): The Coram of Justice Venugopal M (Judicial Member) and V.P. 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| ‘Balance and Security Confirmation Letter’ is sufficient ‘acknowledgement of debt’ so as to extend limitation period for initiating insolvency proceedings under S. 7 IBC","author":"Bhumika Indulia","date":"May 17, 2021","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): A Division Bench of Justice Venugopal M. (Judicial Member) and V.P. Singh (Technical Member) dismissed an appeal filed against the order of the National Company Law Tribunal, Hyderabad (\"NCLT\"), whereby the NCLT had admitted an application filed by the Financial Creditor\u2212Punjab National Bank under\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":270606,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/07\/25\/nclat-can-the-ots-proposal-be-an-acknowledgment-of-debt-under-s-18-of-the-limitation-act-1963\/","url_meta":{"origin":252965,"position":1},"title":"NCLAT | Can the OTS proposal be an ‘acknowledgment of debt’ under S. 18 of the Limitation Act, 1963?","author":"Editor","date":"July 25, 2022","format":false,"excerpt":"\u00a0 \u00a0 National Company Law Appellate Tribunal, Delhi: The Bench of Anant Bijay Singh, J., Judicial Member, and Shreesha Merla, Technical Member, dismissed a company appeal and held that a One-Time Settlement Proposal (OTS proposal) falls within the definition of \u2018acknowledgment of debt' as defined the provisions of the Limitation\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"NCLAT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/02\/NCLAT_New.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":296343,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/07\/08\/corporate-debtor-cannot-constitute-committee-of-creditors-with-a-single-operational-creditor-under-ibc-nclat\/","url_meta":{"origin":252965,"position":2},"title":"Corporate Debtor cannot constitute Committee of Creditors with a single Operational Creditor under IBC: NCLAT","author":"Ritu","date":"July 8, 2023","format":false,"excerpt":"NCLAT held that CIRP be closed with respect to the Corporate Debtor since not a single \u2018Claim' was received by the IRP even after the public announcement.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"national company law appellate tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":219804,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/21\/nclat-nclt-new-delhi-in-terms-of-s-601-ibc-held-to-have-jurisdiction-in-s-7-application-against-corporate-debtor-having-properties-in-up\/","url_meta":{"origin":252965,"position":3},"title":"NCLAT | NCLT, New Delhi in terms of S. 60(1) IBC, held to have jurisdiction in S. 7 application against Corporate Debtor having properties in UP","author":"Bhumika Indulia","date":"September 21, 2019","format":false,"excerpt":"National Company Appellate Tribunal (NCLAT):\u00a0A Bench of Justice S.J. Mukhopadhaya (Chairperson); Justice A.I.S Cheema, Member (Judicial) and Kanthi Narahari, Member (Technical) dismissed an appeal filed by the appellant-Director of Corporate Debtor against the order of the National Company Law Appellate Tribunal (New Delhi) whereby it had admitted the application filed\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":224562,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/01\/27\/nclat-nclts-order-directing-liquidation-of-corporate-debtor-upheld-where-resolution-applicant-was-a-related-party-and-thus-not-eligible-under-s-29-a-ibc\/","url_meta":{"origin":252965,"position":4},"title":"NCLAT | NCLT’s order directing liquidation of corporate debtor upheld where resolution applicant was a ‘related party’ and thus not eligible under S. 29-A IBC","author":"Bhumika Indulia","date":"January 27, 2020","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT):\u00a0A Bench of Justice Venugopal M., Member (Judicial) and Balvider Singh and Ashok Kumar Mishra, Members (Technical) dismissed an appeal filed against the order of the National Company Law Tribunal. Chandigarh, whereby the resolution plan submitted by the appellant was rejected and liquidation of the\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":297687,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/07\/26\/irp-rp-cannot-seek-unpaid-fees-costs-members-corporate-debtor-insolvency-nclat-scc-blog-legal-news\/","url_meta":{"origin":252965,"position":5},"title":"In project wise insolvency, IRP\/RP cannot seek unpaid Fees\/Costs from members of CoCs of another project of Corporate Debtor: NCLAT","author":"Ritu","date":"July 26, 2023","format":false,"excerpt":"The NCLAT held that the appellant has no Locus Standi to make claim for any unpaid Fees\/Costs from the members of the CoCs, as he is neither the RP in the project nor is connected with another project.","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"national company law appellate tribunal","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/05\/national-company-law-appellate-tribunal-1.webp?resize=700%2C400&ssl=1 2x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/252965","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/67011"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=252965"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/252965\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/153604"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=252965"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=252965"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=252965"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}