TaxTMI 
TaxTMI 
2019 (9) TMI 1330
X X X X Extracts X X X X
X X X X Extracts X X X X
....2016 (hereinafter referred to as Rules) by The Karoli Co-operative Multi Purpose Society Ltd. (Operational Creditor) for initiating the Corporate Insolvency Resolution Process (CIRP) in the case of U G Hotels and Resorts Ltd. (Corporate Debtor). The operational creditor is a Society registered under the Himachal Pradesh Cooperative Act having registration No. 8 and was incorporated on 31.03.1951 being managed by Mr. Justice Manmohan Sarin (Retd.), who has been appointed as an Administrator by the erstwhile Company Law Board. 2. The corporate debtor was incorporated on 05.02.1986 as a Public Limited Company under the provisions of Companies Act, 1956. The CIN of the corporate debtor is L55101HP1986PLC006678. As per master data at page 51 of....
X X X X Extracts X X X X
X X X X Extracts X X X X
....s 101 to 104 of the petition. Also copies of these cheques are found to be attached as Annexure A-5 (Colly) of the petition. 5. The demand notices in Form No. 3 are stated to be issued on 12.07.2018 being Annexure A-10 of the petition. The demand notice in Form No. 3 is stated to be served by Registered AD and Speed Post on the corporate debtor on 12.07.2018 (Page No. 138 of this petition). The operational creditor has not received any amount after serving of demand notice till date and a certificate from the bankers viz. The Himachal Pradesh State Cooperative Bank Limited and Punjab National Bank of the operational creditor along with bank statement are enclosed at pages 178 and 406 of the petition. 6. The corporate debtor in its reply d....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... vide Diary No. 1151 dated 11.03.2019 was filed wherein the amended memo of parties was appended alongwith the affidavit. 10. In part III of the Form No.5, the operational creditor has not proposed any Interim Resolution Professional. 11. The petition is signed by Shri Jagat Ram Sharma, Secretary of the operational creditor. Shri Jagat Ram Sharma has also filed an affidavit dated 05.12.2018 verifying the contents of Form No. 5 (page No. 19-21). A true copy of the resolution passed by the board dated 30.10.2018 appointing Mr. Jagat Ram Sharma, Secretary as authorized representative to initiate proceedings against the respondent-corporate debtor before this Tribunal is placed as Annexure A-14 (Page 145 of the petition). He has also filed an....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... that Mr. H.S. Ghai has initiated multiple proceedings before different Judicial Forums to derail the process of law. The corporate debtor has also raised the issue of limitation. It is the case of the corporate debtor that the operational creditor is claiming amount of Rs. 42,04,186.08/- on the basis of the invoices pertaining to the period of April 2014 to August 2014 and the present petition has been filed much after the period of limitation i.e. 3 years and is time barred. 15. It is further stated that the answering respondent has already been appointed as an Administrator, who is to settle the dues of all creditors on verification of their claims and advised the operational creditor to supply necessary documents in support of its clai....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... also contended that the present petition is not barred by limitation as the petitioner has been maintaining a running account of the corporate debtor and has stated that the corporate debtor itself has approached the operational creditor for return of some goods to the tune of Rs. 27,794/-. Copy of the written request by the corporate debtor is placed as Annexure A-6 (Colly) of the petition. 20. We have heard and carefully considered the submissions of the learned counsel for the operational creditor and corporate debtor and have also perused the records. 21. It is observed that the appointment of the Administrator is no way any impediment to trigger the Insolvency and Bankruptcy proceedings against the respondent-corporate debtor. 22. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... which is the cost of the said goods returned. Hence, the instant CP having been filed on 06.12.2018 is clearly barred by limitation. 25. The Hon'ble Apex Court in a recent decision in Gaurav Hargovindbhai Dave v. Asset Reconstruction Co. (India) Ltd. [2019] 156 SCL 397 observed as under:- "(6) Having heard the learned counsel for both sides, what is apparent is that article 62 is out of the way on the ground that it would only apply to suits. The present case being "an application" which is filed under section 7, would fall only within the residuary article 137. As rightly pointed out by learned counsel appearing on behalf of the appellant, time, therefore, begins to run on 21.07.2011, as a result of which the application filed unde....