PUNJAB NATIONAL BANK Vs. VIJAY SITARAM DANDNAIK

JUDGEMENT

(1.) The order of admission of their petition under Sec. 7 of the Insolvency and Bankruptcy Code, 2016 (for short "IBC") passed by the National Company Law Tribunal (for short "NCLT"), having been reversed by the National Company Law Appellate Tribunal (for short "NCLAT") on the ground that the application was barred by limitation, the Financial CreditorPunjab National Bank has come up with the above appeal.

(2.) We have heard Shri Dhruv Mehta, learned senior counsel appearing for the appellant and Shri Rahul Totala, learned counsel appearing for the respondents.

(3.) The appellant herein filed a petition under Sec. 7 IBC against M/s Jailaxmi Sugar Products Pvt. Limited, the Corporate Debtor, who is the second respondent herein claiming, inter alia, (i) that vide sanction letters dtd. 7/5/2010 and 28/9/2010, a term loan was sanctioned to the second respondent herein; (ii) that by a letter dtd. 17/9/2011, restructuring of the existing term loans and fresh sanction of term loan was granted to the Corporate Debtor; (iii) that the Corporate Debtor defaulted in repayment and became a NPA on 31/3/2013; (iv) that the appellant issued a demand notice dtd. 30/4/2013 under Sec. 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; (v) that the Corporate Debtor also executed Balance and Security Confirmation letters dtd. 3/7/2014 and 17/6/2017; (vi) that the appellant, along with the Union Bank of India also filed an application in O.A. No.185 of 2014 on the file of the DRT, Pune for the issue of a certificate of recovery; (vii) that the original application was allowed by DRT, Pune by an order dtd. 1/11/2016, directing the Corporate Debtor and others including respondent No.1 herein to jointly and severally pay to the appellant herein, a sum of around Rs.45.00 cores together with interest @16.25% per annum (apart from the amount payable to Union Bank of India); (viii) that the total amount outstanding from the Corporate Debtor as on 13/8/2019 was Rs.108,34,33,364.19; and (ix) that in a parallel proceeding, the High Court of Judicature at Bombay had passed an order dtd. 4/1/2018 directing the winding up of the Corporate Debtor.