JUDGMENT

(Hybrid Mode)

Per: Barun Mitra, Member (Technical)

The present appeal filed under Section 61 of Insolvency and Bankruptcy Code 2016 (‘IBC’ in short) by the Appellant arises out of the Order dated 16.05.2024 (hereinafter referred to as ‘Impugned Order’) passed by the Adjudicating Authority (National Company Law Tribunal, Guwahati Bench) in C.P.(IB) No.02/GB/2024. By the impugned order, the Adjudicating Authority has dismissed Section 7 application filed by the Financial Creditor-Appellant on the grounds of being time-barred. Aggrieved by the impugned order, the present appeal has been preferred by the Appellant- IL&FS Financial Services Limited.

2. Coming to the brief factual matrix, we notice that a Loan Agreement had been executed between the IL&FS Financial Services Ltd.-Financial Creditor and the Adhunik Meghalaya Steels Pvt. Ltd.-Corporate Debtor on 27.02.2015 for a loan of Rs 30 Cr. against which an amount of Rs 24.44 Cr. was disbursed on 17.03.2015. This loan was also secured by way of pledge of 8,10,804 shares of Adhunik Metals Ltd. (“Adhunik” in short) in favour of the Financial Creditor. This pledge of share was reflected both in the Charge Form and in the Pledge Agr