TMI Blog2017 (3) TMI 1573X X X X Extracts X X X X X X X X Extracts X X X X ..... venth schedule to IBC and a perusal of the eleventh schedule of IBC discloses the amendments made to the Companies Act 2013 of several provisions though not section 433 of the Act wherein specifically the provisions of the Limitation Act 1963 (36 of 1963) is made applicable and that it shall, as far as may be apply to the proceedings or appeals before the Tribunal or Appellate tribunal as the case may be. Hence in the absence of any specific bar in the IBC to the application of the Limitation Act, 1963 coupled with the provisions of Sec 433 of the Act as contained in the Companies Act 2013 which makes Limitation Act applicable to this Tribunal the debt as claimed by the petitioner is barred by limitation and hence cannot be the basis for in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2.Out of the above said amount of ₹ 22,54,660/-, the Petitioner claims that a sum of ₹ 16,95,000/- had been paid by the respondent company the last of the payment being made in March 2014 and subsequently no payment is forthcoming of the balance amount in a sum of ₹ 5,59,660/- from the respondent. 3.The Petitioner, with a view to recover the balance amount due to it of ₹ 5,59,600 had initiated a Summary Suit under Order XXXVII of CPC in the Court of SR.Civil Judge, Ahmedabad (Rural) A Mirzapur, Ahmedabad I in Summary Suit No.217/2014 and that in the said suit the Learned Judge had decreed ex-parte on 19.10.2016 the suit in favour of the Plaintiff for a sum of ₹ 5,59,600 with simple interest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the year 2011, 2012, 2013 and 2014, all annexed as part of Annexure - 4 (Colly), it is evident that the invoices relates to the period between February 2011 to January 2012 and the non-payment of dues is claimed to be in relation to 3 invoices as detailed above, and the last date of payment as per the ledger account for the period between 1.4.2013 to 31.3.2014 is that of 25-2.2014 where in a sum of ₹ 2,00,000/- is shown as received from the respondent and for the year ended 31.3.2014 the closing balance is disclosed to be in a sum of ₹ 5,59,660/- as due from the respondent company. For the year ended 31.3.2015 as well as 31.3.2016 the same amount figures as the closing balance due from the respondent as per the ledger accounts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 'operational creditor' which seems to have given rise to the instant petition. Operational debt is defined under sec 5(21) of IBC to mean a claim in respect to the provision of goods or services including employment or a debt in respect of the debt in respect of repayment of dues arising under any law for the time being in force and payable to the central government, state government or any local authority and an operational creditor is defined in sec 5(20) of IBC means a person to whom an operational debt is owed and includes any person to whom such debt has been legally assigned or transferred. As per section 60 of IBC this Tribunal has been designated as adjudicating authority in relation to corporate persons. Further as per cla ..... X X X X Extracts X X X X X X X X Extracts X X X X
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