1. Edelweiss Asset Financial Creditor/ Respondent No.1 Reconstruction Petitioner Company Limited Edelweiss House, Through its Autho rized Representative Off. CST Road, Kalian, Santacruz (East), Mumbai 400098 2 2. Octaga Green Corporate Debtor Respondent No.2 Power and Sugar Company Limited through Mr. Gaurav Ashok Adukia, A registered Interim Resolution Professional, Having Registration Number [IBBI/IPA002/IPN004 57/201718/11293] For Appellants: Shri Abhijeet Sinha and Ms. Neeha Nagpal, Advocates For Respondents: Shri Sunil Fernandes and Shri Darpan Sachdeva, Advocate (Respondent No.1) Shri P.V. Dinesh, Shri R.S. Lakshman and Shri Ashwini Kumar Singh, Advocates (Respondent No.2) JUDGEMENT A.I.S. Cheema, J. : 1. Edelweiss Asset Reconstruction Company Limited, assignee of debt from original lender UCO Bank (Assignor), filed CP 2987(IB)/MB/2018 under the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate corporate insolvency resolution process against Octaga Green Power and Sugar Company Limited Corporate Debtor claiming outstanding debt which was Rs.69,70,15,694/ as per recall Notice dated 15th March, 2018. The Financial Creditor claimed that there was debt which was in default and thus, the Application in format. Company Appeal (AT) (Ins) No.772 of 2019 3 2. The matter came up before Adjudicating Authority (National Company Law Tribunal, Mumbai Bench) and the Section 7 Application was admitted on 2nd July, 2019. The present Appeal has been filed by the shareholders of the Corporate Debtor. According to the Appellants, the Corporate Debtor had availed financial assistance/cash credit facility and term loan from UCO Bank which was sanctioned on 19th January, 2005, 22nd February, 2008, 31st March, 2009, 6th November, 2009 and 18th May, 2012 of a total amount of Rs.29,96,00,000/. Necessary documents were executed. Later, the Appellants claim that the Corporate Debtor entered into Master Restructuring Agreement (MRA in short) dated 31st March, 2012 with the Assignor on 22nd June, 2012. Mortgage of properties was created under the Master Restructuring Agreement and other ancillary documents. It is claimed that the account of the Corporate Debtor was classified as nonperforming asset (NPA) on 31st March, 2013 and the bank had moved the Debt Recovery Tribunal. The Assignor on 8th July, 2014 assigned debt to Edelweiss Asset Reconstruction Company Limited (Edelweiss in short) Financial Creditor vide deed of assignment and MRA and its addendum was executed between Respondent Nos.1 and 2. Financial Creditor Edelweiss issued Notice under Section 13(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act in short) on 5th August, 2016 calling upon the Corporate Debtor to pay Company Appeal (AT) (Ins) No.772 of 2019 4 Rs.50,44,37,258/ and on 15th March, 2018 sent recall Notice demanding repayment of Rs.69,70,15,694/ from the Corporate Debtor. The Corporate Debtor had offered onetime settlement of Rs.10 Crores and later, revised the same to Rs.11 Crores within 90 days or Rs.18 Crores over 9 years. However, the Financial Creditor filed Section 7 proceedings. The Appellants claim that the proceeding has been filed after a delay of 5 years from the date of the account of the Corporate Debtor being classified as NPA. 3. The Appellants claim that the debt is clearly barred by law of limitation and proceedings before DRT would not save the limitation. The Company Petition has been filed in 2018 for loan facility availed in 2012 which was classified as NPA on 31st March, 2013. Thus, accordin