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2020 (5) TMI 422 - NATIONAL COMPANY LAW TRIBUNAL — JAIPUR BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - existence of debt and dispute or not - time limitation - HELD THAT:- It is noticed that the dispute prior to filing of this application was with respect to 10 pieces of damaged glass and the same has been claimed by the applicant to have been settled between the parties by issuance of credit note dated April 1, 2017 which is signed by authorised signatory of both the parties. It is undisputed that the invoices claimed to be due pertain to the period on or before August 21, 2015 being the date of the last invoice of the bunch of invoices asserted to be unpaid, which should normally have been cleared within 7 days. It has been argued by the operational creditor that the amount claimed are not barred by limitation as a fresh period of time should be reckoned from April 1, 2017 the date of the credit note issued by the operational creditor in favour of the corporate debtor - rejecting an application merely on non-filing of memorandum of appearance in accordance with rule 45 of the NCLT Rules, 2016 would hamper justice, in view of the fact that the substantive content of the pre scribed form has been complied with. Hence, the objection of the corporate debtor, in this regard, warrants no further consideration. While the date of the credit note falls within prescribed period for the purposes of limitation, there is no admission of liability or statement or implication of intention to pay. Thus, a fresh period of limitation cannot start from the date of the credit note. Under the circumstances, the filing of the application on January 7, 2019 beyond the period of three years as per article 137 of the Limitation Act, 1963 against the date of default on August 28, 2015 is not maintainable and cannot be sustained. The application is barred by limitation and is dismissed.
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