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Showing contexts for: backdate backdating in Sandeep Jindal vs State Bank Of India on 8 April, 2021Matching Fragments
"11. That the contents of para 14 and 15 are vehemently and specifically denied on the grounds that statutory audit of the account of the Corporate Debtor was conducted by the Statutory Auditor as on 31.03.2014, and from there it came to know about the fact that the Restructuring done in the account of the Corporate Debtor got failed, thus the account of the Corporate Debtor was declared as NPA backdated from 30.09.2012 instead of 31.12.2013."
31. When Section 18 and 19 of the Limitation Act appear to be applicable, now it is necessary for us to see if Section 18 of Limitation Act in the present matter is helpful in the context of set of present facts. The present reference shows that State Bank of India filed Application under Section 7 (Annexure A-3- Page 59) and in Part 4 page 71 referred to debt disbursed right up to 28 September, 2012. In Part 4 Column 2 "date of default" has been calculated from 01st January, 2014 the Corporate Debtor in C.A. No. 1161 of 2019 (Annexure A-8) Page 126 referred to the Rejoinder where State Bank of India accepted that account of the Corporate Debtor was declared NPA on 30.09.2012 having been backdated from 31st December, 2013. We have Page | 40 Company Appeal (AT) (Ins.) No. 395 of 2020 already referred to Paragraph 11 from the Rejoinder (Annexure A7) where the State Bank of India under its procedures, on receipt of audit report was required to declare Corporate Debtor as NPA from backdate of 30.09.2012 instead of 31.12.2013.
32. We are not entering into the procedure required to be followed by the Bank with regard to the backdate of date of NPA when effort of restructure fails. We will give benefit to the Corporate Debtor by taking up the oldest date of NPA which is stated to be 30.09.2012 and treat is as date which will not shift.
33. Even if this date of 30.09.2012 as NPA is taken as the foundational date, on record there are balance-sheets for financial year ending 31st March, 2015 to 31st March, 2016. The State Bank of India had filed these copies along with its Reply (Annexure A-9 Page 132) as Annexure 4 and 5 of the said Reply. At page 160 of the Appeal, there is a balance-sheet for year ending 31st March, 2015 which document had been signed by the Director of the Corporate Debtor on 30.05.2015 (See Page 160). The entries at Page 167, 171 and 172 and the 167 read with 171 and 172 with regard to the long term borrowings and short term borrowing show amounts outstanding of the State Bank of India admitted in the balance-sheet. The short term borrowing has an endorsement with regard to the amount adding that it was secured by way of first charge of current assets of the Company.