NCLT Mumbai: Mere Mention Of SARFAESI Proceeding Is Not “Sufficient Cause” For The Condonation Of Delay Under Section 5 Of Limitation Act, 1963
1 year, 4 months ago

NCLT Mumbai: Mere Mention Of SARFAESI Proceeding Is Not “Sufficient Cause” For The Condonation Of Delay Under Section 5 Of Limitation Act, 1963

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Justice Virendrasingh Bisht and Mr Prabhat Kumar has rejected an application filed under Section 5 Limitation Act, 1963 and disposed of a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. NCLT observed that the mere initiation of SARFESI Proceedings wasn't sufficient reason to condone delay in filing a time-barred petition under Section 7 of IBC. The Applicant also filed an application under Section 5 of the Limitation Act for condonation of delay. NCLT Verdict The NCLT disposed of the petition stating that the applicant had miserably failed to give any acceptable and cogent reason sufficient to condone such a huge delay.

Mumbai Limitation Act Applicant Delay Tribunal Nclt Petition Reason Proceeding State Bank Sarfaesi Sarfaesi Proceeding  petition  sufficient  limitation  proceeding  tribunal  mention  mumbai  debtor  mere  condonation  sarfaesi  filed  reason  corporate  nclt  applicant  delay

History of this topic

[SARFAESI Act] Courts Must Not Interfere Under Writ Jurisdiction When Alternative Statutory Remedies Are Available: Rajasthan HC
2 months, 3 weeks ago

[SARFAESI Act] Courts Must Not Interfere Under Writ Jurisdiction When Alternative Statutory Remedies Are Available: Rajasthan HC

Live Law  

The Jaipur bench of the Rajasthan High Court dismissed a plea by the purchaser of a property–in relation to which proceedings were initiated under the SARFAESI Act, on the ground that the purchaser had already availed the statutory remedy before the Debt Recovery Tribunal. The court again referred to the Supreme Court's decision in Satyawati Tondon in which it was …

Property Of Personal Guarantors Cannot Be Sold Under SARFAESI Act During Moratorium Period U/S 96 Of IBC: NCLT Mumbai
4 months ago

Property Of Personal Guarantors Cannot Be Sold Under SARFAESI Act During Moratorium Period U/S 96 Of IBC: NCLT Mumbai

Live Law  

The NCLT Mumbai bench of Mr. Charanjeet Singh Gulati and Justice Lakshmi Gurung has held that once a petition under section 95 of the IBC is filed, the interim moratorium under section 96 is triggered. Brief Facts This application has been filed by, Raghavendra Joshi under Section 60 r/w Section 60 of the Insolvency and Bankruptcy Code, 2016 read with …

Condonation Of Delay Is Case Specific, No Inflexible Rule Can Be Laid Down To Condone Delay U/S 61 Of IBC: NCLAT
4 months, 1 week ago

Condonation Of Delay Is Case Specific, No Inflexible Rule Can Be Laid Down To Condone Delay U/S 61 Of IBC: NCLAT

Live Law  

The NLCAT New Delhi bench of Justice Ashok Bhushan, Barun Mitra and Arun Baroka affirmed that the condonation of delay in filing of the Appeal is on facts of each case, no inflexible rule can be laid down while exercising jurisdiction to condone the delay. The Applicant states that he was unable to file the present Appeal against the order …

S.17 SARFAESI Act | Applications Filed Beyond 45-Day Limit Not Barred From Seeking Condontation Of Delay Under Limitation Act: MP High Court
1 year, 2 months ago

S.17 SARFAESI Act | Applications Filed Beyond 45-Day Limit Not Barred From Seeking Condontation Of Delay Under Limitation Act: MP High Court

Live Law  

The Madhya Pradesh High Court recently held that Section 5 of the Limitation Act stipulating condonation of delay would apply in respect of applications under Section 17 of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 before the Debt Recovery Tribunal filed beyond the period of 45 days. Taking note of Section 29 of …

NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan
1 year, 2 months ago

NCLT Mumbai: Financial Creditor Can't Initiate CIRP Against Successful Resolution Applicant On Default Of Payment As Per Resolution Plan

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising Shri Kuldip Kumar Kareer and Shri Anil Raj Chellan held that the Financial Creditor cannot initiate a Corporate Insolvency Resolution Process application against the Successful Resolution Applicant on default in payment to Stakeholders/Creditors as per terms of the approved Resolution Plan under Insolvency and Bankruptcy Code, 2016. Where the corporate debtor, any …

Delay In Filing Of Appeal Under Section 42 Of IBC Is Condonable Under Section 5 Of Limitation Act: NCLAT Delhi
1 year, 9 months ago

Delay In Filing Of Appeal Under Section 42 Of IBC Is Condonable Under Section 5 Of Limitation Act: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Ashok Bhushan and Shri Barun Mitra, while adjudicating an appeal filed in Canara Bank v Commercial Tax Department Circle 09, Indore, Madhya Pradesh & Anr., has held that delay in filing the Appeal under Section 42 of IBC is condonable in exercise of power under Section 5 of …

No Scope For Condonation Of Delay Beyond 15 Days, Much Less 45 Days: NCLAT Delhi
1 year, 11 months ago

No Scope For Condonation Of Delay Beyond 15 Days, Much Less 45 Days: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Rakesh Kumar Jain and Shri Naresh Salecha, while adjudicating an appeal filed in Diwakar Sharma v Anand Sonbhadra, has held that there is no scope for condonation of delay beyond the period of 15 days much less 45 days, as there is no window available for NCLAT to exercise …

Conflict Of Laws : PMLA v. SARFAESI Act
1 year, 11 months ago

Conflict Of Laws : PMLA v. SARFAESI Act

Live Law  

Conflict of laws is as old as the legal system itself. Ltd. & Ors., as under: “Therefore, in absence of any specific provision for priority of the dues under MSMED Act, if the submission on behalf of respondent No.1 for the dues under MSMED Act would prevail over the SARFAESI Act, then in that case, not only the object and …

Length Of Delay Immaterial, Reason Stated For Condonation Matter: NCLT Hyderabad Reiterates
2 years ago

Length Of Delay Immaterial, Reason Stated For Condonation Matter: NCLT Hyderabad Reiterates

Live Law  

The National Company Law Tribunal, Hyderabad Bench, comprising Dr. Venkata Ramakrishna Badarinath Nandula and Shri Charan Singh, while adjudicating an application under Section 60 of Insolvency and Bankruptcy Code, 2016 by the Deputy Director, Employees State Insurance Corporation in Asset Reconstruction Company Limited vs Viceroy Hotels Limited has held that the length of delay is immaterial, but the reasons stated …

Insufficiency Of Stamp On Loan Documents Not Relevant For Admissibility Of Section 7 Petition: NCLT Mumbai Reiterates
2 years ago

Insufficiency Of Stamp On Loan Documents Not Relevant For Admissibility Of Section 7 Petition: NCLT Mumbai Reiterates

Live Law  

The National Company Law Tribunal, Mumbai Bench, comprising of Shri Kuldip Kumar Kareer and Smt. Anuradha Sanjay Bhatia, while adjudicating a petition filed in Kotak Mahindra Bank Ltd. Vs M/s Hybro Foods Private Limited has reiterated that the insufficiency in the stamping of the loan documents is not a relevant ground for dismissing a petition under Section 7 of Insolvency …

Weekly Digest Of IBC Cases: 20 February To 26 February 2023
2 years ago

Weekly Digest Of IBC Cases: 20 February To 26 February 2023

Live Law  

NCLAT Principal Amount Paid In Full, Section 9 Application Not Maintainable For Recovery Of Interest: NCLAT Delhi Case Title: Rohit Motawat v Madhu Sharma Case No. 1152 of 2022 The National Company Law Appellate Tribunal, New Delhi Bench, comprising of Justice Rakesh Kumar Jain and Mr. Naresh Salecha, has held that an application under Section 9 of IBC being pursued …

IBC Does Not Prohibit An Assignee From Continuing Pending Section 7 Proceedings: NCLAT Delhi
2 years, 3 months ago

IBC Does Not Prohibit An Assignee From Continuing Pending Section 7 Proceedings: NCLAT Delhi

Live Law  

The National Company Law Appellate Tribunal, Principal Bench, comprising of Justice Ashok Bhushan and Mr. Barun Mitra, while adjudicating an appeal filed in Siti Networks Ltd. v Assets Care and Reconstruction Enterprises Ltd. & Anr., has held that there is no prohibition in the IBC or any of the Regulations from continuing the proceeding by an assignee. The Corporate Debtor …

SARFAESI Proceedings Cannot Be Continued Against Corporate Debtor Once CIRP Is Admitted And Moratorium Is Ordered: Supreme Court
2 years, 10 months ago

SARFAESI Proceedings Cannot Be Continued Against Corporate Debtor Once CIRP Is Admitted And Moratorium Is Ordered: Supreme Court

Live Law  

The Supreme Court observed that the proceedings under the SARFAESI Act cannot be continued once the CIRP is initiated and the moratorium is ordered.The bench comprising Justices L. Nageswara Rao and B R Gavai noted that, in such a situation, any action to foreclose, recover or enforce any security interest created by the Corporate Debtor in respect of its property …

Quantum Of Debt Not To Be Decided At The Stage Of Admission Of A Section 7 Petition Under IBC: NCLAT,Delhi
2 years, 11 months ago

Quantum Of Debt Not To Be Decided At The Stage Of Admission Of A Section 7 Petition Under IBC: NCLAT,Delhi

Live Law  

The National Company Law Appellate Tribunal Bench comprising of Justice Ashok Bhushan, Dr. Alok Srivastava and Ms. Shreesha Merla, while adjudicating an appeal filed in the matter of Rajesh Kedia v Phoenix ARC Pvt. 1 issued a Demand Notice dated 09.02.2016 to the Corporate Debtor under Section 13 of the SARFAESI Act, 2002, demanding an amount of Rs. 1 had …

Can DRT Condone Delay In Filing Application Under Section 17 SARFAESI Act? Supreme Court To Examine
3 years, 11 months ago

Can DRT Condone Delay In Filing Application Under Section 17 SARFAESI Act? Supreme Court To Examine

Live Law  

The Supreme Court has issued notice on a special leave petition which raises the issue whether the Debts Recovery Tribunal has the power to condone the delay in filing an application under Section 17 of the Securitization and Reconstruction of Financial Assets and Reinforcement of Security Interest Act 2002.The petition was filed against a judgment of the Kerala High Court …

Court/Tribunal Can Condone Delay Under Section 5 Limitation Act Even In The Absence Of A Formal Application: Supreme Court
3 years, 11 months ago

Court/Tribunal Can Condone Delay Under Section 5 Limitation Act Even In The Absence Of A Formal Application: Supreme Court

Live Law  

The Supreme Court held that there is no bar to exercise by the Court/Tribunal of its discretion to condone delay under Section 5 of the Limitation Act, in the absence of a formal application.However, the Court can always insist that an application or an affidavit showing cause for the delay be filed, the bench comprising Justices Indira Banerjee and Hemant …

Trivial Procedural Lapses Not A Ground To Nullify SARFAESI Proceedings Initiated By Secured Creditor If No Substantial Prejudice Was Caused To Borrower: SC [Read Judgment]
4 years, 4 months ago

Trivial Procedural Lapses Not A Ground To Nullify SARFAESI Proceedings Initiated By Secured Creditor If No Substantial Prejudice Was Caused To Borrower: SC [Read Judgment]

Live Law  

The Supreme Court has observed that proceedings initiated under the SARFAESI Act by the Secured Creditors cannot be nullified merely on the ground of technical defects and procedural lapses unless substantial prejudice was caused to the defaulter. In this case, the Debt Recovery Tribunal quashed the demand notice served on the borrower under Section 13 of the Securitisation and Reconstruction …

Time Spent For SARFAESI Proceedings Can Be Excluded For Computing Limitation Under IBC : NCLAT
5 years, 3 months ago

Time Spent For SARFAESI Proceedings Can Be Excluded For Computing Limitation Under IBC : NCLAT

Live Law  

In the matter of Sesh Nath Singh and Anr. The Corporate Insolvency Resolution Process against the Corporate Debtor M/s Debi Fabtech Pvt Ltd., was initiated by the National Company Law Tribunal, Kolkata Bench on the application filed by the financial creditor Baidyabati Sheoraphuli Cooperative Bank Ltd., on 25.4.2019. As per the FC Baidyabati Sheoraphuli Co-op Bank, M/s Debi Fabtech Pvt …

Remedy Under SARFAESI Act Subject To Provisions Of Limitation Act: Calcutta HC [Read Judgment]
7 years, 8 months ago

Remedy Under SARFAESI Act Subject To Provisions Of Limitation Act: Calcutta HC [Read Judgment]

Live Law  

The Calcutta High Court on Friday ruled that any remedy under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 would be subject to the provisions of Limitation Act, 1963.“The Act of 2002 gives an independent right to a secured creditor to proceed against its financial assets and in respect of which such asset the. The …

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