JUDGMENT

A.M. Khanwilkar, J.

Two central issues arise for our determination in this appeal, as follows: -

(i) Whether an action under Section 7 of the Insolvency and Bankruptcy Code, 2016[for short, "the Code"] can be initiated by the financial creditor (Bank) against a corporate person (being a corporate debtor) concerning guarantee offered by it in respect of a loan account of the principal borrower, who had committed default and is not a "corporate person" within the meaning of the Code?

(ii) Whether an application under Section 7 of the Code filed after three years from the date of declaration of the loan account as Non-performing Asset[for short, "NPA"], being the date of default, is not barred by limitation?

2. Briefly stated, respondent No. 1 bank[for short, "the Financial Creditor"] extended credit facility to M/s. Mahaveer Construction[for short, "the Principal Borrower"], a proprietary firm of the appellant, through two loan agreements in years 2007 and 2008 for a term loan of Rs.9,60,00,000/- (Rupees nine crore sixty lakhs only) and an additional amount of Rs.2,45,00,