Landmark Judgements by the Hon’ble NCLAT 15th to 30th November, 2020
1) State Bank of India v. Krishidhan Seeds Pvt Ltd (DOJ 17.11.2020)
The date of filing of the Application in the prescribed format to the Adjudicating Authority was nearly four years after the date on which the default occurred. The Appellant assails that the impugned order primarily on the ground that there was an Acknowledgment by the Corporate Debtor through revival letter extending the period of limitation which is said to have been overlooked by the Adjudicating Authority. NCLAT held that there cannot be two defaults in respect of the same debt, one for the purpose of claim filed before the Debts Recovery Tribunal and the other for the purposes of I&B Code based on OTS proposal, more so when an is an application filed before the Adjudicating Authority in prescribed format and the date of default has unambiguously been reflected beyond three years of the occurrence of default. Such an application is hopelessly time-barred and shall not be permissible for Appellant. The petition was dismissed at the threshold.