New Bharat Refractories Ltd vs Dhendai Tea And Industries Pvt. Ltd

New Bharat Refractories Ltd. ...Appellant

Versus

Dhendai Tea and Industries Pvt. Ltd. ...Respondent

Present: For Appellant : Mr. Nikunj and Mr. Dhruv Surana, Advocate

For Respondent : Mr. Arun Sri Kumar, Advocate

ORDER

12.12.2019 'M/s. New Bharat Refractories Ltd.' ('Financial Creditor') filed

an application under Section 7 of the Insolvency and Bankruptcy Code, 2016

("I&B Code" for short) for initiation of the 'Corporate Insolvency Resolution

process' against 'Dhendai Tea and Industries Pvt. Ltd.' - ('Corporate Debtor'). The

Adjudicating Authority (National Company Law Tribunal), Kolkata Bench,

kolkata, by impugned order dated 6th September, 2019 dismissed the application

on the ground that the application was barred by limitation.

2. Learned counsel for the Appellant submits that there are evidences on

record to suggest that the debt is payable and not barred by limitation. On the

other hand, Mr. Arun Sri Kumar, learned counsel for the Respondent submits

that the application under Section 7 is barred by limitation.

3. On perusal of the record and from Form-1 (Part IV), we find that on 31st

March, 2015, when the loan amount became due and payable after the expiry of -2-

the period i.e. the date of default shown in the record, the application under

Section 7 has admittedly been filed on 10th October, 2018, we agree with the

findings of the Adjudicating Authority that the application under Section 7 is

barred by limitation.

The appeal is dismissed. No costs.

[Justice S.J. Mukhopadhaya] Chairperson

[Justice Bansi Lal Bhat] Member (Judicial)

[Justice Venugopal M.] Member (Judicial)

/ns/gc

Company Appeal (AT) (Insolvency) No. 1161 of 2019