Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (2) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (2) TMI 380 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - corporate debtor failed to make repayment of its debt - time limitation for filing proceeding - HELD THAT:- There is no proof of any acknowledgement of liability on the part of the Corporate Debtor or any payment made by the Corporate Debtor within the limitation period that may have the effect of extending the period of limitation within the meaning of section 18 or section 19, as the case may be, of the Limitation Act, 1963. The dates of default in respect of the five invoices range between 02.03.2014 and 11.07.2014. Even if we take the last of the dates, i.e., 11.07.2014, the three-year limitation in terms of Article 137 of the Limitation Act, 1963, for filing the present proceeding ended on 10.07.2017, while the present petition was filed on 15.05.2018. Reliance can be placed 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 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. Thus, not only is the Petition devoid of merits but, it is also barred by limitation - petition dismissed.
|