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IN THE SUPREME COURT OF INDIA

CIVIL APPELLATE JURISDICTION

CIVIL APPEAL NO.9466 OF 2019

ASHOK KUMAR BANSAL

Appellant

VERSUS

PUNJAB NATIONAL BANK AND ANR.

Respondent(s)

O R D E R

This appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016¹ is

directed against the Judgment and Order dated 25.11.2019 passed by the National

Company Law Appellate Tribunal², New Delhi in Company Appeal (AT) (Insolvency)

No.465 of 2019.

What was under challenge before the NCLAT was the correctness of the order

dated 28.03.2019 admitting the application preferred by the Punjab National Bank

(Financial Creditor) under Section 7 of the Code for initiation of Corporate Insolvency

Resolution Process against M/s Hanung Toys and Textiles Limited (Corporate

Debtor).

After going into the rival contentions, the NCLAT did not find any substance in

1("the Code" for short)

2 ("the NCLAT" for short)

Digitally signed by

Indu Marwah

Date: 2022.07.23

13:03:41 IST

Reason:

Signature Not Verified

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the appeal, which appeal was, therefore, dismissed by the order presently under

challenge.

Ms. Priyadarshini Dewan, learned advocate appearing for the appellant has

confined her submissions with regard to only one issue namely, that of limitation.

In her submission, the application preferred under Section 7 of the Code itself

had disclosed that the account in question was declared NPA and that the date of

default was 31.12.2013. The date of filing the action being in the year 2018 the same

was thus ex facie beyond limitation and as such the application could not have been

admitted.

In response, the learned counsel appearing for the respondents have invited our

attention to various documents which are in the nature of re-structuring agreements.

Furthermore, this point regarding limitation was never raised before authorities below.

In the circumstances, we see no reason to entertain this appeal which is

accordingly dismissed.

With the dismissal of appeal, the interim relief granted by this Court vide its

order dated 18.12.2019 is vacated and the matter shall be taken to logical conclusion

in accordance with law.

The appeal is dismissed accordingly. No costs.

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The Registry is directed to send copies of this order to the authorities below.

……………...................J.

(UDAY UMESH LALIT)

…………......................J.

(S. RAVINDRA BHAT)

…………......................J.

(SUDHANSHU DHULIA)

New Delhi,

July 21, 2022.

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ITEM NO.16 COURT NO.2 SECTION XVII

S U P R E M E C O U R T O F I N D I A

RECORD OF PROCEEDINGS

Civil Appeal No(s). 9466/2019

ASHOK KUMAR BANSAL Appellant(s)

VERSUS

PUNJAB NATIONAL BANK & ANR. Respondent(s)

( IA No. 194083/2019 - STAY APPLICATION)

Date : 21-07-2022 These matters were called on for hearing today.

CORAM :

HON'BLE MR. JUSTICE UDAY UMESH LALIT

HON'BLE MR. JUSTICE S. RAVINDRA BHAT

HON'BLE MR. JUSTICE SUDHANSHU DHULIA

For Petitioner(s) Ms. Priyadarshini Dewan, Adv.

Ms. Shankari Mishra, Adv.

Mr. Abhishek Pandey, Adv.

Mr. Sahil Tagotra, AOR

For Respondent(s)

Mr. Abhishek Anand, adv

Mr. Mithu Jain, AOR

Mr. Vishal Hirawat, Adv.

Mr. Pathik Choudhury, Adv.

Mr. Kartikay Trivedi, Adv.

Mr. Ashok Mathur, AOR

Mr. Jay Savla, Senior Advocate

Mr. Prabhat Chaurasia, Advocate

Ms. Radhika Nair, Advocate

Mr. Anurag, AOR

Mr. D. S. Chauhan, AOR(R-I)

Mr. Rajesh Rattan, Adv.

UPON hearing the counsel the Court made the following

O R D E R

The appeal is dismissed in terms of the signed order.

Pending applications, if any, shall stand disposed of.

(INDU MARWAH) (VIRENDER SINGH)

COURT MASTER (SH) BRANCH OFFICER

(SIGNED ORDER IS PLACED