B. PRASHANTH HEGDE Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) This appeal, under Sec. 62 of the Insolvency and Bankruptcy Code, 2016 [IBC], impugns judgment and order of the National Company Law Appellate Tribunal, Principal Bench at New Delhi [NCLAT], dtd. 17/12/2021, passed in Company Appeal (AT) (Ins) No. 68 of 2019 and I.A. No. 1078 of 2021.

(2.) A brief narration of facts in a chronological order would be apposite. The first respondent (State Bank of India [ SBI]), claiming itself to be the Financial Creditor [ FC] of M/s. Metal Closure Pvt. Ltd. (i.e., the Corporate Debtor [ CD]), filed an application under Sec. 7 [[6] Sec. 7. Initiation of corporate insolvency resolution process by financial creditor.- (1) A financial creditor either by itself or jointly with other financial creditors, or any other person on behalf of the financial creditor, as may be notified by the Central Government, may file an application for initiating corporate insolvency resolution process against a corporate debtor before the Adjudicating Authority when a default has occurred.

(3.) CD contested the application, inter alia, on the ground that the same was filed beyond 3 years from the date when the right to apply had accrued and therefore, the application under Sec. 7 was liable to be dismissed on the ground of limitation.