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2020 (3) TMI 1266 - Tri - Insolvency and BankruptcyRefusal to pay the debt amount - right to sue - time limitation - HELD THAT:- Mere plain reading of the Article 137 of the Limitation Act shows that any other application for which no period of limitation is provided elsewhere in this division the application must have been filed within three years, when the right to apply accrues. Here in this case, the right to apply accrues on 08.08.2015, when the applicant has raised the invoices and we further find, the applicant has enclosed the ledger account of the Corporate Debtor and tried to convince us that the said amount is reflected in the ledger account of the Corporate Debtor at page 77 and it comes within the acknowledgment under Section 18 of the Limitation Act. There is no dispute that the Article 137 of the Limitation Act is applicable in case of IBC, and therefore, that decisions will not help the applicant rather it Corroborate our contentions that the Limitation runs from the date when the right to apply accrues that is either from the first date of debt become due or the date when it was acknowledged. Since the acknowledgement was made on 14.03.2016 and the present application has been filed on 15.01.2020 therefore, the present application is barred by the limitation. The present application is dismissed as barred by limitation.
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