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TMI Blog2019 (11) TMI 964X X X X Extracts X X X X X X X X Extracts X X X X ..... s, Jaipur bearing CIN: U31909RJ1997PLC013826 and the Registered Office of the Applicant is at Village- Rangpur, Tehsil - Ladpura, Kota- 324002 (Rajasthan). 3. The Corporate Debtor is a Private Limited Company incorporated under the provisions of the Companies Act, 1956 on 08.06.2007, duly registered with Registrar of Companies, Jaipur bearing CIN: U40102RJ2007PTC043170 and the Registered Office of the Corporate Debtor is at Village Punjiyas, Jaroda Kala, Merta Road, Mertacity, Nagaur- 341511 (Rajasthan). 4. It is the case of the Applicant that as per the request of the Corporate Debtor vide letter dated 22.12.2011, the Applicant had placed a purchase order for procurement and installation of weighbridge of 40 MT capacity at the premises of the Corporate Debtor at Gangapur City. As per the request of the Corporate Debtor, the Applicant has also issued purchase order dated 07.01.2012, on M/s. Jyoti weighing Systems Limited. In respect of the same the Applicant had raised debit notes dated 31.03.2012 and 31.03.2013, for amount of Rs. 8,64,250/- and Rs. 4,29,292/- respectively against the Corporate Debtor. The Corporate Debtor has confirmed and acknowledged the total due amount of Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ised representative Mr. Ashok Kumar M. Lulla on 24.05.2019, and raised a preliminary objection of limitation. The Corporate Debtor submits that the Debit Notes of Rs. 8,64,250/- and Rs. 4,29,292/- fell due on 01.04.2013. The confirmation of accounts on which the applicant the relying for the year 2014-15 was signed by Mr. S.R. Wagle and for the years 2015-16, 2016-17 and 2017-18 were signed by Mr. Jagdish Kabra. The Corporate debtor submits that both Mr. S.R. Wagle and Mr. Jagdish Kabra had no authority to sign any account/financial statement on behalf of the Corporate Debtor. Thus, the corporate debtor submits that the Application filed by Applicant is barred by limitation. 10. The Corporate Debtor further submits that two Settlement-cum-Termination Agreements dated 24.08.2018, were executed between Corporate Debtor, Focal Biomass Holdings Limited, Mr. Sanjay Bagrodia (Promoter of Corporate Debtor and Applicant) and Sunborne Energy Rajasthan Solar Private Limited, and another Agreement was executed between Sathyam Green Power Private Limited, Focal Energy Projects Limited, Focal Biomass Holding Limited, Mr. Sanjay Bagrodia and the Corporate Debtor. It is stated that by the said A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h was procured on the specific request of Mr. Sanjay Bagrodia and not the Corporate Debtor for procurement of fuel at the Applicant's Plant in Kota. It is further submitted that the Corporate Debtor made several attempts to return the weighbridge to the Applicant but the Applicant refused to cooperate. The Corporate debtor had transported the weighbridge to the Applicant's Plant in Kota on 02.03.2019, but the Applicant has refused to allow it to be unloaded. Copy of images taken near the Applicant's premises showing Corporate Debtor's attempts to return the weighbridge are annexed as Annexure R-12 with the reply. 13. The Applicant has filed rejoinder and submits that the Corporate Debtor has confirmed and acknowledged the balance due to the Applicant commencing from 01.04.2015 to 31.03.2018, thereby saving the claim from being time-barred. It is further submitted that Mr. S. R. Wagle and Mr. Jagdish Kabra had signed the confirmation of Accounts in their capacity as directors of the Corporate Debtor. It is further submitted that the Applicant is not a party to both the two Agreements refereed by the Corporate Debtor and no disputes have been settled vide execution of the said agree ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that there is an existence of an undisputed Operational Debt. The Applicant further submits that the Applicant is neither a party in the Settlement Agreement nor there is any reference of the Applicant's name in the Agreement and also the Agreement does not contain any suggestion that the debt payable to the Applicant will in any manner be affected or compromised. 16. The learned counsel for the parties has placed detailed arguments. Following points are to be considered for discussion: (a) Whether the Application is within the Law of Limitation? (b) Whether there has been payment of the unpaid operational debt? (c) Whether the dispute as raised by the corporate debtor is genuine or can be categorised as moonshine dispute? 17. Section 18(1) of Limitation Act, 1963, provides as follows: "Effect of acknowledgement in writing: (1) Where, before the expiration of the prescribed period for a suit or application in respect of any property or right, an acknowledgement of liability in respect of such properly or right has been made in writing signed by the party against whom such property or right is claimed, or by any person through whom he derives his title or liability, a fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titled to claim its dues, establishing the default in payment of the operational debt beyond reasonable doubt. In the light of above facts and records the present application deserves to be admitted and this application is admitted. 24. The Applicant has named the Interim Resolution Professional (IRP), and accordingly Mr. Jai Narayan Khandelwal having registration number IBBI/IPA-001/IP-P00208/2017-2018/10408 and E-Mail ID [email protected], Mobile No. 9414188696, duly registered with Insolvency and Bankruptcy Board of India, is appointed as the Interim Resolution Professional. The applicant has filed consent in Form 2 of Insolvency and Bankruptcy Board of India (Application to Adjudicating Authority) Rule, 2016, stating therein that no disciplinary proceedings are pending against named IRP, along with certificate of Registration of IRP. 25. The consequences of initiation of CIRP shall be inter alia are as follows: - (i) The Resolution Professional Mr. Jai Narayan Kahndelwal, having Registration No. IBBI/IPA-001/IP-P00208/2017-2018/10408 is hereby appointed as the Interim Resolution Professional (IRP) to take over the affairs of the Corporate Debtor and duties as requ ..... 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