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1 - 10 of 12 (0.19 seconds)Section 14 in The Limitation Act, 1963 [Entire Act]
Section 18 in The Limitation Act, 1963 [Entire Act]
Sesh Nath Singh & Anr vs Baidyabati Sheoraphuli Co-Operative ... on 22 November, 2019
In the judgment of 'Sesh Nath Singh & Anr. vs. Baidyabati Sheoraphuli
Cooperative Bank Ltd. & Anr.', dated 22.11.2019 in Company Appeal (AT)
(Ins.) No. 672 of 2019, this Appellate Tribunal had held that benefit of
proceeding which were prosecuted under SARFEASI would be given under
provisions of Section 14. Following was held in Para 10:-
Section 7 in The Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002 [Entire Act]
The Code of Civil Procedure, 1908
Article 137 in Constitution of India [Constitution]
Dena Bank (Now Bank Of Baroda) vs C. Shivakumar Reddy on 4 August, 2021
In 'Dena Bank' (supra), Hon'ble
Supreme Court has laid down that if there is any acknowledgment by giving
proposal for OTS that would amount to acknowledgment of debt within the
Company Appeal (AT) (Insolvency) No. 416 of 2020
-10-
meaning of Section 18 of the Limitation Act. Learned counsel for the
Respondent - Bank submits that OTS proposals were not accepted by the
Bank but this fact is not relevant as the letters are referred to only for the
purpose of acknowledgment. In view of the aforesaid, letters acknowledging
the debt issued by the Corporate Debtor shall give benefit to the Respondent
for extension of limitation within the meaning of Section 18. We, thus, do
not find any error in the judgment of the Adjudicating Authority admitting
application under Section 7 of the Code. The Application under Section 7
filed by the Bank cannot be said to be barred by limitation. We, thus, do not
find any merit in the Appeal. Appeal is dismissed.