Moto Writ Petition (C) No 3 of 2020, excluded the period from 15.03.2020 till 28.02.2022 for the purpose of computation of period of limitation. Resultantly, as on 15.03.2020, the balance limitation period as available to the Applicant was more than 90 days i.e., 135 days. Furthermore, on applying the rationale of the order of the Hon'ble Supreme Court, the period of limitation for the Term Loan stands to end on 13.07.2022 i.e., after adding the balance period of 135 days from 28.02.2022 and as observed from the filing records, the present Company Petition has been filed by the Applicant on 04.11.2022. Furthermore, the Corporate Debtor states that, even presuming without specifically admitting that the filing of the balance sheets is deemed to be an acknowledgment of the debt the same cannot be said to be an express acknowledgment of the debt due and payable to the Applicant but rather in the nature of an intimation of the status of the debt and the default therein and made reference to the decision of the Hon'ble Supreme Court dated 15.04.2021 in Asset Reconstruction Company (India) Limited Vs. Bishal Jaiswal and Another (Civil Appeal No 323 of 2021). The Corporate Debtor therefore states and submits that the Applicant has, on its own admission itself declared the date of default which categorically asserts the fact that the said Term Loan is beyond the period of limitation.
