Section 7 Application under IBC governed by Article 137 of Limitation Act: SC

Gaurav Hargovindbhai Dave Vs Asset Reconstruction Company (India)Ltd.& Anr. (Supreme Court of India)

1) In the present case, the Respondent No.2 was declared NPA on 21.07.2011. At that point of time, the State Bank of India filed two O.As in the Debt Recovery Tribunal in 2012 in order to recover a total debt of 50 Crores of rupees. In the meanwhile, by an assignment dated 28.03.2014, the State Bank of India assigned the aforesaid debt to Respondent No.1. The Debt Recovery Tribunal proceedings reached judgment on 10.06.20

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