Naresh Salecha JUDGMENT
Naresh Salecha, Member (T)
1. The present appeal has been filed under Section 61 of the Insolvency & Bankruptcy Code, 2016 (in short 'Code') against the 'impugned order' dated 23.05.2022 in CP (IB) 283 of 2022 passed by the 'Adjudicating Authority' (National Company Law Tribunal, New Delhi Bench-V), whereby the 'Adjudicating Authority' dismissed the application of the 'Appellant' treating as barred by limitation. Aggrieved by the same, the 'Appellant' has preferred the present appeal.
2. Heard the Counsel for Parties and perused the records made available including cited judgments.
3. Learned Counsel for the Appellant stated that the 'Appellant' sanctioned one loan for Rs. 85 Crores on 05.02.2016 and entered into the loan agreement on 22.02.2016 which was fully disbursed on 09.05.2016. Learned Counsel for the Appellant brought out that the 'Corporate Debtor' agreed to pay the entire loan amount along with interest in accordance with Repayment Clause i.e. Clause 3.1.1 of Loan Agreement. Learned Counsel for the Appellant further brought to the notice that in terms of Clause 3 of additional conditions stipulated under Schedule-I of the Loan Agreement, both the parties agreed for moratorium on repayment of principal amount, as laid down in Schedule-II of the Loan Agreement and hence, there was a moratorium on repayment of principal amount till 19.07.2017.
4. Learned Counsel for the Appellant submitted that the 'Corporate Debtor' made various repayments through cheques/RTGs from 02.06.2016 to 24.01.2019 and in terms of the agreement between the parties, such credited amount were adjusted towards outstanding dues of the instalments payable till 19.07.2018. Learned Counsel for the 'Appellant' submitted that the 'Corporate Debtor' defaulted payment of the instalment for the month of July 2018 which was due and payable on 19.08.2018 resulting into default in terms of Para 12.1.1 of the Loan Agreement.
5. Learned Counsel for the Appellant stated that due to failure of the 'Corporate Debtor' in making payment towards principal amount and interest, the 'Appellant' invoked Clause 12.2 of the Loan Agreement and recalled the entire loan facility vide Loan Recall Notice dated 25.03.2022. Learned Counsel for the Appellant further stated that despite the Loan Recall Notice, the 'Corporate Debtor' failed to clear the outstanding dues within the timelines provided i.e. 28.03.2022 and accordingly, thi........