B.S.V. Prakash Kumar, Member - (1.) This is a Company Petition u/s. 7 of the Insolvency and Bankruptcy Code, 2016 against the Corporate Debtor on the ground that the Corporate Debtor herein defaulted in making repayment of Rs. 81,26,49,558/-. In view of the same, the Petitioner has sought for initiation of Insolvency Resolution Process against the Corporate Debtor. Brief facts of the case: The Petitioner submits that this Petitioner granted loan facility of Rs. 5,25,00,000/-, i.e. 75,00,000 on 4.7.2008, Rs. 1,50,00,000/- on 14.7.2008 and Rs. 3,00,00,000/- on 21.8.2008. Though figures and dates have not been given as required in this table, by collaring all the figures and dates given, it appears that this Corporate Debtor availed loan of Rs. 5,25,00,000/- in the year 2008, basing on the Agreements dated 3.7.2008, 14.7.2008 and 1.9.2008.
(2.) The Petitioner says that this debtor defaulted in making repayment of Rs. 75,00,000/- on 17.2.2010, Rs. 1,50,00,000/- on 6.3.2010 and Rs. 6,00,00,000/- on 6.3.2010. When these dates of disbursements and defaults are not looking properly collated, the Petitioner Counsel has come up with an argument stating that three awards were already passed by the Arbitrator on 8.7.2010 basing on the consent terms arrived at by the Corporate Debtor and Petitioner on 11.3.2010.
(3.) When this Petitioner Counsel was asked as to whether this claim is not hit by Limitation Act, the Petitioner Counsel has said since awards have been passed on 8.7.2010, basing on the consent terms arrived at between the parties, since award being equivalent to decree under CPC, the limitation will be 12 years and not 3 years as mentioned under Limitation Act, therefore, this claim cannot be treated as hit by limitation.;