Proceeding Sheet vs Veer
2022 Latest Caselaw 726 AP

         HIGH COURT OF ANDHRA PRADESH AT AMARAVATI

MAIN CASE No.: C.R.P.No.210 of 2020

                               PROCEEDING SHEET

Sl.                                                                                OFFICE
                                           ORDER

No DATE NOTE

14. 09.02.2022 CPK, J & Dr. KMR, J Heard Sri Vedula Srinivas, learned Senior Counsel appearing for the petitioner.

The main ground raised by the learned counsel for the petitioner is as to whether the application filed by the respondent herein is barred by limitation. His argument that when the date of default is 01.07.2002 making an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (I.B.C.) on 17.08.2018 is barred by limitation. In support of his plea, he relies on the following two judgments.

1. Babulal Vardharji Gurjar Vs. Veer Gurjar Aluminium Industries Pvt. Ltd. (AIR 2020 SC 4668).

2. Rajendra Narottamdas Sheth Vs. Chandra Prakash Jain (Civil Appeal No.4222 of 2020)

Wherein the Hon'ble Supreme Court categorically dealt with Section 7 of the I.B.C. vis-à- vis Section 137 of the Limitation Act, 1963 (for short, 'the Act'). Since the ratio laid down in the two judgments covers the case on hand, he would submit that the Civil Revision Petition has to be allowed.

Sri Praveen Jain, learned counsel appearing for the respondent, opposed the same contending that when there is an effective efficacious alternative remedy available under the provisions of the Act, the petitioner could not have approached this Court directly under Article 227 of the Constitution of India. He further submits that from the year 2007 till the year 2016 the proceedings against the petitioner Company were pending before Board for Industrial and Financial Reconstruction (B.I.F.R.) and in view of Section 22A of the Sick Industrial Companies (Special Provisions) Act, 1985 (S.I.C.A.), no proceedings can be initiated against the petitioner.

When the Court pointed out as to whether these facts were brought to the notice of National Company Law Tribunal (N.C.L.T.), he submitted that the same were brought on record in the form of an affidavit at the time of admission itself before the N.C.L.T, but neither the said affidavit nor any material evidencing filing of affidavit before N.C.L.T. is placed on record. However, learned counsel seeks time to verify the same and place it on record by next date of listing.

List on 11.02.2022.

________________ CPK, J

________________ Dr. KMR, J Ivd