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Judgment
Heard Learned Counsel for the Appellant.
This Appeal has been filed by the Appellant-Financial Creditor against the Order dated 19th April, 2022. By which Order, the Application CP(IB) No. 415/KB/2020 filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 has been rejected.
Appellant filed Application under Section 7 of the Code claiming a ‘Financial Debt’ of Rs. 3,93,52,810.39/- on 04.02.2020 as recorded in the Order of the Adjudicating Authority. The date of default was 20th November, 2011. In the Application, the Appellant filed several letters claiming to be issued by the Corporate Debtor regarding the balance confirmation from the year 2011-2012 onward till 2018-19. In the Reply filed by the Corporate Debtor, the letters issuing balance confirmation were denied. It is submitted that no such letters were issued. The Adjudicating Authority held that the Application filed by the Appellant was barred by time and on the said ground, rejected the Application.
Learned Counsel for the Appellant submits that even if the letters of balance confirmation issued by the Corporate Debtor were not accepted by the Adjudicating Authority, the Adjudicating Authority ought to have granted liberty to the Appellant to pursue his other remedies regarding the loans.
We have considered the submissions and perused the record.
In paragraph 4.3 of the Impugned Order, the Adjudicating Authority observed as follows:
“…This shall not, however, affect the right of the petitioner to pursue other remedies as may be available to it under any other law or before any other forum”
When the Adjudicating Authority has expressly granted such liberty, we see no reason to entertain such issue again in this Appeal. As observed by the Adjudicating Authority, remedies as available under any other law or before any other forum, has been expressly left open. We thus do not find any error in the Impugned Order. The Appeal is dismissed.