{"id":281143,"date":"2023-01-06T13:00:50","date_gmt":"2023-01-06T07:30:50","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=281143"},"modified":"2023-01-23T19:24:04","modified_gmt":"2023-01-23T13:54:04","slug":"national-company-law-appellate-tribunal-nclat-corporate-debtor-debt-application-section7-insolvency-and-bankruptcy-code-2016-rejected-limitation-barred-by-limitation","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2023\/01\/06\/national-company-law-appellate-tribunal-nclat-corporate-debtor-debt-application-section7-insolvency-and-bankruptcy-code-2016-rejected-limitation-barred-by-limitation\/","title":{"rendered":"NCLAT | Date of default cannot be strictly construed as the date of Non-Performing Assets"},"content":{"rendered":"
\n

   <\/p>\n

National Company Law Appellate Tribunal, New Delhi:<\/b> While deciding an application filed under S. 7<\/a> of the Insolvency and Bankruptcy Code, 2016<\/a>, a bench comprising of Anant Bijay Singh, J. and Shreesha Merla<\/b>* (Technical Member) held that the ‘date of default’ cannot be strictly construed as the date of NPA and if the Corporate Debtor makes any acknowledgement of debt and default within the period of limitation, the said period of limitation shall be extended to a further period of three years.<\/p>\n

Facts of the Case<\/b><\/p>\n

In the instant matter, the Corporate Debtor\/Respondent had defaulted on repayment of loan on 31-03-2009 and their Account was declared as NPA on 30-06-2009. An application under S. 7<\/a> IBC<\/a> was filed on 7-08-2020. The Corporate Debtor had acknowledged the debt by consistently mentioning it on their Balance Sheets till FY 2018-19. The Adjudicating Authority dismissed the petition on the ground that the same is barred by limitation. Aggrieved by the impugned Order dated 10-08-2021, an appeal was preferred under S. 61<\/a> IBC<\/a> before this Tribunal.<\/p>\n

Moot Point<\/b><\/p>\n

Whether the present application under S. 7<\/a> IBC<\/a> was barred by limitation and also holding that there was no ‘default’?<\/p>\n

Parties Contentions<\/b><\/p>\n

The appellant contended that the Corporate Debtor himself acknowledged the debt by consistently mentioning the same in Restructuring Letters, Request Letters and Balance Sheets, therefore, the date of NPA should be considered accordingly. Thus, the application was filed well within the period of Limitation.<\/p>\n

On the other hand, the respondent contended that Corporate Debtor was declared an NPA way back on 30-06-2009 and this Tribunal cannot rely on letter of acknowledgements as mentioned by the appellant as there is no evidence on record to show that they were signed prior to the expiry of the three years Limitation from 2009.<\/p>\n

The respondent relied on Reliance Asset Reconstruction Co. Ltd.<\/i> v. Hotel Pooja International (P) Ltd.<\/i>, (2021) 7 SCC 352<\/a>, where it was held that “the acknowledgement must be done prior to the expiry of three years of Limitation and reliance was not placed on documents which were not placed along with Section 7 Application.”<\/i><\/p>\n

Tribunal’s Observation<\/b><\/p>\n

Relying on Laxmi Pat Surana<\/i> v. Union Bank of India<\/i>, (2021) 8 SCC 481<\/a>, where it was held that the ‘date of default’ does not mean a strict interpretation that it has to be the ‘date of NPA’ in fact, the ‘date of default’ defined under Section 3(12) of the Code is to mean ‘non-payment of a date which has become ‘due and payable’ whether in whole or any part and is not paid by the Corporate Debtor’<\/i>, the Tribunal observed that all the material on record clearly shows that the Corporate Debtor has consistently acknowledged the debt from 31.03.2010 onwards by way of Restructuring Letters and Balance Sheets.<\/p>\n

While deciding the issue of Limitation, the Tribunal relied on Dena Bank<\/i> v. C. Shivakumar Reddy<\/i>, (2021) 10 SCC 330<\/a>, and opined that there is a ‘debt’ and ‘default’ and the application filed under S. 7<\/a> IBC<\/a> is not ‘barred by Limitation’.<\/p>\n

Tribunal’s Decision<\/b><\/p>\n

Allowing the appeal, the Tribunal held that the limitation period of three years cannot be strictly construed to have commenced from the date of default\/declaration of the Corporate Debtor’s account as NPA and the present application was not barred by limitation as the Corporate Debtor\/respondent has consistently acknowledged the debt and default between 2009-10 to 2018-2019.<\/p>\n

[Edelweiss Asset Reconstruction Co. Ltd. v. Perfect Engine Components (P) Ltd., 2022 SCC OnLine NCLAT 1622<\/a>, decided on 22-12-2022<\/span>]<\/p>\n\n

Advocates who appeared in this case:<\/p>\n

Mr. Neeraj Malhotra (Senior Advocate), Ms. Vidhisha Haritwal, Mr. Nimish Kumar and Ms. Shreya Singh, Counsel for the Appellant;<\/p>\n

Mr. Kumar Anurag Singh, Mr. Zain A. Khan and Ms. Ekta Bharti, Counsel for the Respondent.<\/p>\n\n

*Ritu Singh, Editorial Assistant has put this report together.<\/span><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

In the instant matter, the Adjudicating Authority dismissed S. 7<\/a> IBC<\/a> application on the ground of limitation and the Tribunal acknowledged that there was default and debt, and the application is not barred by limitation.<\/p>\n","protected":false},"author":67011,"featured_media":279124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[30596,22064,3655,30182,22014,12521,26724],"class_list":["post-281143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-corporate-debtor","tag-insolvency-and-bankruptcy-code","tag-limitation","tag-national-company-law-appellate-tribunal","tag-nclat","tag-nclt","tag-period-of-limitation"],"yoast_head":"\nNCLAT | Date of default cannot be strictly construed as the date of Non-Performing Assets 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(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":241412,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/12\/29\/nclat-whether-reflection-of-debt-in-balance-sheet-of-a-corporate-debtor-would-amount-to-acknowledgement-under-s-18-of-limitation-act-5-member-bench-decodes-interplay-between-ibc\/","url_meta":{"origin":281143,"position":1},"title":"NCLAT | Whether reflection of debt in Balance Sheet of a Corporate Debtor would amount to acknowledgement under S. 18 of Limitation Act? 5-Member Bench decodes Interplay between IBC & Limitation Act; discusses ‘Judicial Indiscipline’","author":"Bhumika Indulia","date":"December 29, 2020","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT), New Delhi: The Bench of Justice Bansi Lal Bhat (Acting Chairperson) and Justice Venugopal M. (Judicial Member), Justice Anant Bijay Singh (Judicial Member), Kanthi Narahari (Technical Member) and Shreesha Merla (Technical member), while addressing the present matter observed that: \"...for purpose of computing 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":283000,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/03\/financial-creditor-nclt-corporate-detor-cirp-allowed-appeal-application-condonation-of-delay-nclat-ibc-override-limitation-act-tribunal-no-power-dismissed\/","url_meta":{"origin":281143,"position":2},"title":"NCLAT | IBC overrides Limitation Act; Delay beyond period of 45 days cannot be condoned","author":"Editor","date":"February 3, 2023","format":false,"excerpt":"While adjudicating an appeal file with a delay of 55 days, the Tribunal held that S. 238 IBC overrides S. 12 of the Limitation Act, 1963 and therefore this Tribunal does not have power to condone a delay beyond a period of 45 days.","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\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":235149,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/09\/01\/nclat-whether-provisions-of-limitation-act-1963-vide-s-238a-of-ib-code-2016-will-be-applicable-to-all-npa-cases-or-not-tribunal-answers\/","url_meta":{"origin":281143,"position":3},"title":"NCLAT | Whether provisions of Limitation Act, 1963 vide S. 238A of I&B Code, 2016 will be applicable to all NPA cases or not? Tribunal answers","author":"Bhumika Indulia","date":"September 1, 2020","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT):\u00a0Full Bench of Justice Bansi Lal Bhat (Acting Chairperson) and Justice Anant Bijay Singh (Member, judicial) and Dr Ashok Kumar Mishra (Member, Technical), made an observation in determining Whether the provisions of the Limitation Act, 1963 vide Section 238A of the I&B Code, 2016 will\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":200631,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/08\/25\/limitation-on-initiation-of-process-by-financial-creditor-to-be-counted-from-the-date-when-section-7-ib-code-came-into-force-nclat\/","url_meta":{"origin":281143,"position":4},"title":"Limitation on initiation of \u2018process\u2019 by financial creditor to be counted from the date when Section 7 I&B Code came into force: NCLAT","author":"Bhumika Indulia","date":"August 25, 2018","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT): A two-member bench comprising of Justice S.J. Mukhopadhaya, Chairperson and Justice Bansi Lal Bhat, Member (Judicial) dismissed an appeal filed against the order of the National Company Law Tribunal whereby the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 preferred by\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":283315,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/02\/07\/operational-creditor-application-nclat-corporate-insolvency-resolution-process-cirp-mistake-demand-notice-no-prejudice-admitted\/","url_meta":{"origin":281143,"position":5},"title":"NCLT| A mistake in demand notice does not make an application defective unless some prejudice is suffered resulting from such mistake","author":"Editor","date":"February 7, 2023","format":false,"excerpt":"While deciding the present matter dealing with mistake in demand notice, NCLT held that \u201cthe Corporate Debtor has not and would not be prejudiced by fact that Operational Creditor has mentioned the wrong date of default due to its inadvertence.\u201d","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\/12\/MicrosoftTeams-image-395.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/281143","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=281143"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/281143\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/279124"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=281143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=281143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=281143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}