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2015 (10) TMI 90 - HC - Companies LawRecovery of debts - period of limitation – Petitioner contends that it registered its claim against the Respondent with the BIFR alongwith the other creditors, secured and unsecured – Petitioner further sends a legal notice calling upon the Respondent to pay the Debt – Respondent objects that the claim is grossly time barred and the Petitioner has not been diligently pursuing its remedy to recover the amount - No communication or demand for return of the amount after the application was filed with the BIFR has been made by the Petitioner – Held That:- Petition is found barred by thirteen years of somnolence - Petition is barred by limitation by more than five years - Petitioner failed to prosecute its civil and company law rights with due care and diligence - Petition accordingly would stand dismissed – Decided in favour of the Respondent.
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