In the matter of Punjab National Bank Vs. Daoba Rolling Mills Pvt. Ltd, CA(AT)(Ins) No. 1365 of 2019
In the matter of Punjab National Bank Vs. Daoba Rolling Mills Pvt. Ltd, CA(AT)(Ins) No. 1365 of 2019
The Adjudicating Authority has rightly declined to initiate Corporate Insolvency Resolution Process at the instance of the Financial Creditor on the ground that claim wad time barred in terms of Article 137 of the Limitation Act.
After hearing learned counsel for the Appellant for a while, we are of the considered opinion that since the debt was declared as NPA on 13th January, 2012 and there was no acknowledgement of debt by the Corporate Debtor before expiry of period as contemplated under Section 18 of the Limitation Act, the Adjudicating Authority has rightly declined to initiate Corporate Insolvency Resolution Process at the instance of the Financial Creditor on the ground that claim wad time barred in terms of Article 137 of the Limitation Act.
We find no merit in this appeal. It is accordingly dismissed. No costs.
[Justice Bansi Lal Bhat]
Member (Judicial)
[Justice Venugopal M.]
Member (Judicial)
×
Similar Ripples
Questions
In the matter of Punjab National Bank Vs. Daoba Rolling Mills Pvt. Ltd, CA(AT)(Ins) No. 1365 of 2019
Write your CommentSimilar Posts
Generic
- Reportdata/1360.pdf
