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2023 (2) TMI 375 - AT - Insolvency and BankruptcyPart rejection of claim made by the Resolution Professional - time limitation - Whether the entire claim was barred by time and the fact the Resolution Professional has accepted part of claim shall not give any extension of limitation to the Appellant? - HELD THAT:- The Adjudicating Authority came to the conclusion that claim is barred by time since the transaction which was entered, was agreement of sale dated 27th June, 2014. The Application under Section 7 was filed in the year 2019 which was admitted by the Adjudicating Authority on 03.10.2019. The claim of the Appellant was submitted on 17.11.2020. The submission which has been pressed by the Learned Counsel for the Appellant is on the basis of part-acceptance of the claim by RP. Reliance placed on Judgement of Bishal Jaiswal [[2021 (4) TMI 753 - SUPREME COURT]]. The law as was laid down by the Hon’ble Supreme Court in Bishal Jaiswal that on the basis of is a clear acknowledgment in a Balance Sheet, the limitation under Section 18 extended. The Hon’ble Supreme Court in above case was considering the entries in the Balance Sheet for the purposes of acknowledgement under Section 18 of Limitation Act - It is not the case of the Appellant that any acknowledgement by the Corporate Debtor was made in the Balance Sheet or there is any material brought on record by the Appellant which contain any acknowledgement within meaning of Section 18 of the Limitation Act, 1963. It is to be noted that part acceptance of claim was not under challenge before the Adjudicating Authority and Application was filed by the Appellant against the rejection of the rest of the claim. By any statement made in the Affidavit of Reply by the RP while replying the Application, can not be treated to be an acknowledgement within the meaning of Section 18 of the Limitation Act, 1963. In the present case, issue is not as to whether acceptance of the part claim was in accordance with law or not, the issue is as to whether, rejection of the part claim required any interference. Adjudicating Authority having come to the conclusion that claim was barred by time, there has to be material to indicate that Appellant is entitled for benefit of Section 18 of the Limitation Act, there being no material on record for the extension of limitation under Section 18, no benefit can be granted to the Appellant. Appeal dismissed.
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