Home Case Index All Cases Insolvency and Bankruptcy Insolvency and Bankruptcy + Tri Insolvency and Bankruptcy - 2020 (6) TMI Tri This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (6) TMI 456 - NATIONAL COMPANY LAW TRIBUNAL, CHENNAIMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - Time Limitation - HELD THAT:- Apart from the plea of limitation, the rest of the plea raised by the Corporate Debtor are baseless and without any documents being produced to substantiate the same. Further, it may also be seen that the Corporate Debtor has not replied to the Demand Notice issued by the Operational Creditor and the plea of pre-existing dispute is an afterthought. As to the contention of the Learned Counsel for the Corporate Debtor that the Application is barred by limitation, it may be seen that the Operational Creditor has filed the present Application before this Tribunal on 24.09.2019. The date of the first invoice is 19.07.2016 and the date of the last invoice is 13.12.2016. Since the account is a running account, as no evidence has been placed on record by the Corporate Debtor that it should be treated otherwise and for the purpose of calculating the period of limitation, if the date of the last invoice is to be reckoned i.e. 13.12.2016, then the Application which was filed by the Operational Creditor before this Tribunal on 24.09.2019 is sufficiently well within the prescribed period of Limitation - bare reading of Section 29(2) of the Limitation Act, 1963 would posit the position that Section 4 to Section 24 (inclusive) of the Limitation Act, 1963 shall be applicable to the applications filed under IBC, 2016. Therefore, the contention of the Corporate Debtor that Section 19 of Limitation Act, 1963 is not applicable to the Application filed under Section 9 of the IBC, 2016 is required to be brushed aside. From the list of invoices filed, it is evident that the claim as raised by the Operational Creditor is within the prescribed period of limitation of 3 years. The registered office of the Corporate Debtor is situated within the State of Tamilnadu, amenable to its territorial jurisdiction and this Authority has no hesitation in admitting this Petition and initiating the Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor - this Tribunal is perforce to initiate CIRP in relation to the Corporate Debtor by admitting this Petition under the provisions of Insolvency and Bankruptcy Code, 2016 read with Application to Adjudicating Authority Rules, 2016. Application admitted - moratorium declared.
|