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1 - 10 of 17 (0.56 seconds)Section 7 in The Limitation Act, 1963 [Entire Act]
The Limitation Act, 1963
Section 18 in The Limitation Act, 1963 [Entire Act]
Surendra Trading Company vs Juggilal Kamlapat Jute Mills Company ... on 19 September, 2017
52) Further the Learned Counsel for the Appellant relied upon the Judgment of
the Hon'ble Supreme Court in Surendra Trading Co. v Juggilalkamlapat Jute
Mills Co., 2017 85 taxmann.com 372 SC to show that the timelines under Section
7(5) of the Insolvency and Bankruptcy Code are not mandatory however the
defect has still to be removed. As stated above, the Respondent/Financial Creditor
had stated the date of default in the pleadings and in other documents which the
Corporate Debtor has received and acknowledged, therefore as held supra the
non-mentioning of the date of default in Col. IV is not fatal to the application and
on the sole ground, the application cannot be rejected mere taking a technical
impediment as held by the Hon'ble Supreme Court that 'it is only a directory'.
Conclusions :-
Section 5 in The Limitation Act, 1963 [Entire Act]
Section 3 in The Limitation Act, 1963 [Entire Act]
Laxmi Pat Surana vs Union Bank Of India on 26 March, 2021
On the basis of the above, it is submitted that before declaring NPA if there is a
continuous default for more than 90 days the Banks/Financial Creditors may
declare the Corporate Debtor's account as NPA. Therefore, the Learned Counsel
for the Appellant submitted that the date of NPA cannot be taken into
consideration for the purpose of default as defined in Section 3(12). Section 3(12)
defines date of default means non-payment of debt when whole or any part or
instalment of the amount of debt has become due and payable and is not paid by
the debtor or the Corporate Debtor, as the case may be. The Learned Counsel for
the Appellant heavily relied upon the Judgment of the Hon'ble Supreme Court in
the matter of Laxmi Pat Surana v Union Bank of India and Anr. reported in 2021
SCC online SC 267. The Hon'ble Supreme Court after analyzing the earlier
decisions of the Hon'ble Supreme Court summed up the position in the following
words at para 37
"32. When Section 238-A of the Code is read with the above noted
consistent decisions of this Court in Innoventive Industries, Jignesh Shah,
Comp App (AT) (CH) (INS) No. 97 of 2021
Page | 22
Vashdeo R Bhojwani, Guarav Hargovindhbai, Dave and Sagar Sharma
respectively, the following basics undoubtedly come to the fore: