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Judgment
The Court is convened through Video Conference.
Ms. Prachi Phonde, Ld. Counsel for the Financial Creditor present. Mr. Sidharth Samantray a/w Mr. Shivam Laturiya i/b APS Law Associates, Ld. Counsel for the Corporate Debtor present.
IA-628/2021: This is an application filed by the Financial Creditor in CP(IB)-3449/22019 for condonatin of delay of 1275 days in filing the Petition under Sec. 7 of IBC, 2016.
The account of the Corporate Debtor become NPA on 26.03.2013, hence filing of the petition under IBC has to be on or before 25.03.2016. After 25.03.2016 (3 years from the NPA date) the case is barred by Limitation and the Financial Creditor filed the petition on 16.09.2019 with delay of 1275 days, which is abnormal.
The Bench is of the considered view that there is an inordinate delay of 1275 days in filing the Petition under IBC. The Financial Creditor has not given proper reasons for the delay in filing the Petition. Hence, this inordinate delay cannot be condoned. The Counsel for the Applicant is simply asking for condoning of delay because of the petitioner is a premier public sector bank. However, there is no merit in the above IA, therefore, the same is liable to be rejected. Accordingly, IA-628/2021 is rejected and the C.P. (IB)/3449(MB)2019 is dismissed on the ground that the Petition is barred by Limitation.