Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (10) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (10) TMI 1367 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor committed default in making payment of outstanding debt amount - Corporate Debtor denied the liability stating that the materials were never supplied and the invoices does not bear the signature and stamp of the Corporate Debtor - Time Limitation - HELD THAT:- Admittedly, the petitioner was indolent for more than three years from the date of last raised invoice dated 27.05.2015 upon the Corporate Debtor, hence this petition is hit by Law of Limitation. It is beneficial to refer the judgement of the Hon'ble Supreme Court in the case of Vashdeo R. Bhojwani Vs. Abhyudaya Co-operative Bank Ltd. and Ors. [2019 (9) TMI 711 - SUPREME COURT] where it was held that "The right to sue", therefore, accrues when a default occurs. If the default has occurred over three years prior to the date of filing of the application, the application would be barred Under Article 137 of the Limitation Act, save and except in those cases where, in the facts of the case, Section 5 of the Limitation Act may be applied to condone the delay in filing such application. The ratio of the judgement is applied to the facts of the case on hand, since the default occurred more than three years prior to the date of filing of this petition, the claim is barred by limitation - petition dismissed.
|