TMI Blog2017 (12) TMI 399X X X X Extracts X X X X X X X X Extracts X X X X ..... sion of law i.e., after giving Notice of Demand under sub-Section (1) of Section 8 in requisite form 3 or 4. After such notice, if there is no dispute and the Appellant prefers application under Section 9 of the I & B Code, in such case, the Adjudicating Authority will not dismiss the case on the ground of delay there being continuing cause of action since 27th April, 2010, and it cannot be held to be barred by limitation. If there remains a defect, the Adjudicating Authority may allow the Appellant to remove the defect in terms of the proviso to Section 9 of the I&B Code. - Company Appeal (AT) (Insolvency) No. 195 of 2017 - - - Dated:- 10-11-2017 - Mr. S.J. Mukhopadhaya, Mr.A.I.S. Cheema And Mr. Balvinder Singh For The Appellant : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f inability to pay debts. (1) All petitions relating to winding up of a company under clause (e) of section 433 of the Act on the ground of inability to pay its debts pending before a High Court, and, where the petition has not been served on the respondent under rule 26 of the Companies (Court) rules, 1959 shall be transferred to the Bench of the Tribunal established under sub-section (4) of section 419 of the Companies Act, 2013 exercising territorial jurisdiction to be dealt with in accordance with Part II of the Code: Provided that the petition shall submit all information, other than information forming part of the records transferred in accordance with rule 7, required for admission of the petition under Sections 7,8 or 9 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the debtor Company acknowledged the debt due since last three years from 27th April, 2010 when it was payable and thereby the debt is time barred. We have heard the learned Counsel for the Appellant and learned Counsel appearing on behalf of the Respondent (Corporate Debtor). The question as to whether the Limitation Act, 1963 will be applicable for triggering incorporate resolution process under Sections 7 or 9 of the I B Code fell for consideration before this Appellate Tribunal in - M/s Speculam Plast Pvt. Ltd. Vs. PTC PTC Techno Private Ltd. - in Company Appeal(AT) (Insolvency) No. 47/2017. In the said case this Appellate Tribunal, by judgment dated 07th November,2017 held as follows: . 68. In view of the settled ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m Article 137 of the Limitation Act, 1963, it is clear that the period of three years' is to be counted from the date right to apply accrues to a 'Financial Creditor' or 'Operational Creditor' or 'Corporate Debtor'. 60. For initiation of 'Corporate Insolvency Resolution Process', the right to apply accrues under Section 7 or Section 9 or Section 10 only with effect from 1st December, 2016 when 'I B Code' has come into force, therefore, the right to apply under Section 7 or Section 9 or Section 10 in all present cases having accrued after 1st December 2016, such applications cannot be rejected on the ground that the application is barred by limitation. In view of the fact that the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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