Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2019 (5) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (5) TMI 1869 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - Time Limitation - HELD THAT:- It is pertinent to note the decision of Hon’ble Supreme Court in the case of B.K. EDUCATIONAL SERVICES PRIVATE LIMITED VERSUS PARAG GUPTA AND ASSOCIATES [2018 (10) TMI 777 - SUPREME COURT] where it was held that the Limitation Act applies to applications filed under section 7 and 9 of I&B Code since the inception of the I&B Code. Admittedly, the goods were supplied under separate purchase orders that are of different dates and relate to different work sites. Also, the last payment on which the petitioner is relying upon above is for the M.P. site. The said payment would extend the limitation period, under section 18 of Limitation Act, 1963 only for the default under an agreement relating to M.P. site and not the other agreements. Therefore, it is only the claim of ₹35,50,370/-, for goods provided to M.P. site, which is within limitation and not the entire claim of ₹64,70,071/- as claimed by the Petitioner in the Petition - the claim of the Petitioner is barred by limitation. The Petitioner has claimed a total amount of ₹64,70,071/- that includes the claim which is barred by limitation as well as the claim which may not be barred by limitation. The Petitioner cannot file a time-barred claim along with another claim that is within limitation period to make a defective claim as enforceable debt. Therefore, the claim made in the Petition as well as the Demand Notice is defective as part of it being barred by limitation and hence the Petition with a defective claim cannot be admitted - petitioner rejected.
|