JUDGMENT :

THE HONOURABLE MR.JUSTICE RMT.TEEKAA RAMAN

Prayer: This Civil Miscellaneous Appeal is filed under Section 32(9) of the State Financial Corporation Act, 1951, read with Section 104 of CPC, to call for the records from the Court below and allow the appeal and set aside the order and decree made in S.F.C.O.P.No.11 of 2016 dated 02.04.2019 on the file of the Principal District Judge, Namakkal, and dismiss the petition.

The respondent/Industrial Concern in S.F.C.O.P.No.11 of 2016 is the appellant herein against the order of recovery made by the learned Principal District Judge, Namakkal, in favour of the Tamil Nadu Industrial Investment Corporation Limited (TIIC). Present appeal has been filed mainly on the ground of limitation.

2. The brief facts that are necessary for determination of this Civil Miscellaneous Appeal is as under:

2.1. The Tamil Nadu Industrial Investment Corporation Limited (TIIC) has filed S.F.C.O.P.No.11 of 2016 for enforcing the liability against the respondents personally by directing them to pay to the petitioner, the sum of Rs.1,31,48,598.10 (Term loan of Rs. 82,43,034.35 and working capital term loan of Rs.49,05,563.75) as on 30.09.2015 with subsequent int