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2022 (2) TMI 743 - AT - Insolvency and BankruptcyRejection of application on the ground of time limitation - no application has been filed for condonation of delay - HELD THAT:- Payment due date of the last invoice is 10.04.2014 and admittedly no payment has been made after 10.04.2014. The right to sue accrued to the Appellant from the last payment made i.e. 31.03.2014. At best the limitation will be three years thereafter. The submission of the learned counsel for the Appellant that since response to the legal notice, which was issued by he Appellant, they have asked for 10% bank guarantee it shall auto extend the limitation does not commend us. The mere fact that the Corporate Debtor has asked to submit 10% Bank Guarantee shall not in any manner arrest running of limitation which began when amount became due and payable and not paid - In the present case, according to own documents filed by the Appellant, that amount became due on 10.04.2014, which is mentioned in the Column 1 Form IV of the Application which was filed by the Appellant itself. There are no materials on the record, as has been rightly observed by the Adjudicating Authority, for granting any extension of limitation. The submission of the learned counsel for the Appellant is that there being no application for condonation of delay under Section 5, the court has powers to condone delay in appropriate case there being sufficient cause. The Appellant has not brought on record any material or made a case to show sufficient cause for condonation of delay within Section 5. There are no relevant material to exercise our jurisdiction under Section 5 of the Limitation Act for condoning the delay - Application under Section 9 filed by the Appellant was rightly rejected by the Adjudicating Authority as barred by time - appeal dismissed.
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