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2021 (6) TMI 789 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - Homebuyer/Flat Allottee - existence of debt and dispute or not - time limitation - seeking extension of time period based on subsequent payments - HELD THAT:- The applicant had entered into an agreement on 13.10.2007 for purchase of a flat and accordingly, he was allotted Flat No. 06 of Jasmine-I, Upper Ground Floor in the project Hindon Heights - A bare perusal of the Sections 18 and 19 of Limitation Act show that for the purpose of extending the period of limitation under both the provisions, the acknowledgement of debt or payment of debt amount, must be made only before the expiration of the prescribed period of the limitation and not thereafter. Mere plain reading of the provision shows that the application must be filed within three years from the date when the right to apply accrues - when the case in hand is considered, it is noticed that the first date of default is 02.11.2013 and therefore, the application should have been filed within three years from the first date of default of 02.11.2013, i.e., on or before 01/11/2016. Similarly, part payment of debt or acknowledgment of debt should have been made within this period, i.e. on or before 01/11/2016. Admittedly, the subsequently part amount of ₹ 200000/- is paid after the expiry of three years from the limitation period - in view of Section 19 of the Limitation Act, on the basis of the subsequent payment, the period of limitation cannot be extended. The present application is barred by limitation - the present application stands dismissed on the point of Limitation.
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