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2020 (9) TMI 1230 - NATIONAL COMPANY LAW TRIBUNAL NEW DELHIMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial creditors - existence of debt and dispute or not - time limitation - HELD THAT:- It can be said that the amount which the petitioner claimed or mentioned in the application was paid by the petitioner lastly in the month of June 2014 and according to the petitioner, the last payment was received by the petitioner on 15.03.2016 and we further noticed that the present application is filed on 20.03.2020 and the contention of the petitioner is that since the respondent in its balance sheet for the Financial Year 2016-17, which ended on 31.03.2017 acknowledged that amount therefore, from that period the debt is not barred by limitation and in support of its contention, the petitioner has not placed any law before us that the amount mentioned in the balance sheet comes under the definition of acknowledgement of debt under Section 18 of the Limitation Act. In view of Section 18 of the Limitation Act, there must be any acknowledgement in writing and signed by the person by the borrower or any person authorised on his behalf, the statement made in the balance sheet, in our considered view does not comes under the purview of Section 18 of the Limitation Act, therefore, on this ground, petitioner is not entitled to take the advantage that since the acknowledgement is made in the balance sheet, therefore, the date of default runs when the balance sheet was signed for the Financial Year 2016-2017 - the date of default is 11.06.2015 and the last payment was received on 15.03.2016, hence, the petitioner was required to file application if any within 3 years from 11.06.2015 which comes to end on 10.06.2018, whereas the present application was filed on 20.03.2020 that is beyond the 3 years, when the right to apply accrues under Article 137 of the Limitation Act. Mere plain reading of the provisions shows that the debt means a liability or obligation in respect of a claim, which is due from any person and includes a financial debt and operational debt and when we shall read the definition of debt and financial debt together then, the debt includes the Financial Debt and Operational Debt but all the debts are not Financial Debt or Operational Debt, only debt defined under Section 5(8) of the IBC, comes under the definition of Financial Debt and debt defined under Section 5(21) of the IBC comes under the definition of Operational Debt. The present application is not maintainable - Application dismissed.
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