, 2023 INSC 820 , (2024 )1 SCC679 , [2023 ]180 SCL350 (SC ), ,MANU/SC/1017/2023Vikram Nath#Ahsanuddin Amanullah#23SC3020Judgment/OrderALD#INSC#MANU#SCC#SCLVikram Nath,SUPREME COURT OF INDIAAcknowledgment#Acknowledgment of Liability#Actual#Agent#Agent Duly Authorised#Agreement#Application#Barred#Barred By Limitation#Building#Claim#Claims#Compromise#Condonation#Condonation of Delay#Consideration#Debt#Deposit Receipt#Effect of Acknowledgment#Enforcement of Security#Entitled to Benefit#Expiry of the Period#Fresh Period of Limitation#Insolvency Proceeding#Interpretation#Misled By Any Order#Objection#Payment#Period#Period of Limitation#Possession#Prescribed Period#Refund#Sufficient Cause#The Prescribed Period#The Property#Time Barred2023-9-14692447,692388,26902,692446,26912,26916,26277,26278,26900,26901,26902,26903,26904,26905,26906,26907,26908,26910,26911,26912,26913,26914,26915,26916,26917,26918,26919,26920,26921,26922 -->

MANU/SC/1017/2023

True Court CopyTM English

IN THE SUPREME COURT OF INDIA

Civil Appeal No. 2085 of 2022

Decided On: 12.09.2023

Appellants: Axis Bank Limited Vs. Respondent: Naren Sheth and Ors.

Hon'ble Judges/Coram:
Vikram Nath and Ahsanuddin Amanullah

JUDGMENT

Vikram Nath, J.

1. This appeal, Under Section 62 of the Insolvency and Bankruptcy Code, 2016,1 has been filed assailing the correctness of judgment and order of National Company Law Appellate Tribunal2 dated 04.01.2022, whereby the Company Appeal (AT) (Insolvency) No. 930 of 2021 filed by the Appellant was dismissed upholding the judgment and order dated 22.09.2021, passed by the Adjudicating Authority, admitting the application Under Section 7 of the IBC after condoning the delay.

2. Relevant facts giving rise to the present appeal are briefly summarized as under:

2.1. The Appellant entered into a leave and license agreement with Universal Premises and Textiles Private Limited3 for the premises being Ground to 10th floor in the building named Solaris "C". A security deposit of Rs. 87,56,24,381/- was furnished by the Appellant between the period 23.06.2007 to 03.11.2008. Universal Premises executed a simple mortgage without possession in favour of the Appellant for seven floors on 06.11.2008.

2.2. On 02.05.2011, Universal Premises executed a sale deed in favour of Rajput Retail Ltd.4. The sale deed was for the land admeasuring 5123.90 sq. meters which included the land beneath the aforesaid building - Solaris "C" also. The Leave and License Agreements in favour of the Appellant were duly acknowledged, reserved, and protected under the sale deed.

2.3. RRL, having availed credit facilities from the State Bank of India5 (Respondent No. 2), created an equitable mortgage on 29.06.2011 with respect to the land underneath the building-Solaris "C" to secure the said credit facilities.

2.4. In 2012, Universal Premises was merged with RRL under the orders of the High Court of Bombay and it was renamed as Shreem Corporation Limited6, which is the Corporate Debtor. Between June, 2012 and 17.10.2013, the ........