Ld. Sr. Counsel appearing for the Applicant fairly submitted that this is the 3rd round of litigation between the parties. The first order passed by the NCLT on 25.07.2019 was challenged by the Respondent in the Hon'ble NCLAT, which passed the order on 26.11.2019. In the second round, the petition was dismissed by the NCLT vide order dated 10.02.2021 on the ground of limitation which again was challenged and the Hon'ble NCLAT vide order dated 21.11.2022 has remanded the matter to this Adjudicating Authority to hear the matter both on limitation as well as merits. Para 9 of the order is reproduced thus:
"9. Keeping in view that the Adjudicating Authority has placed reliance on 'V. Padmakumar' (Supra) and has dismissed the Section 7 Application, is 'barred by Limitation' and thereafter the Hon'ble Supreme Court has reversed the ratio of 'V. Padmakumar' (Supra) and also the fact that the Hon'ble Supreme Court has laid down in a catena of Judgements regarding Acknowledgement under Section 18 of the Limitation Act, 1962 and also having regard to the fact that the issues pertaining to the Financial Statements/Balance Sheets apart from other issues raised by both the parties has not been addressed to by the Adjudicating Authority. We find it a fit case to allow this Appeal and remand the matter back to the Learned Adjudicating Authority to decide the matter both on Limitation and on merits as expeditiously as practicable as it is the case of second round of Litigation."
Ld. Sr Counsel appearing for the Respondent accepts notice to file the reply within 10 days. Rejoinder, if any, be filed within one week thereafter.
List for hearing on 18.07.2023.
