TMI Blog2020 (10) TMI 443X X X X Extracts X X X X X X X X Extracts X X X X ..... .03.2016, the same falls beyond the 3 years period of limitation and as such the same has not been obtained before the expiration of the prescribed period. The debt which is being claimed to be in default from the Corporate Debtor is barred by limitation - petition dismissed. - IBA/790/2019 - - - Dated:- 5-5-2020 - R. Varadharajan , Member ( J ) And Anil Kumar B. , Member ( T ) For the Appellant : P. Ramesh Kumar , Sarat Chandra For the Respondent : M. Bhuwaneswari , PCS ORDER R. Varadharajan, Member (J) 1. This Application has been filed under Section 9 of the Insolvency Bankruptcy Code, 2016 ( hereinafter referred to as IBC, 2016 ) by M/s. Karma Exports (hereinafter called as Operational Creditor )for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsel for the Operational Creditor submitted that upon commercial understanding between the parties, the Operational Creditor supplied various goods to the Corporate Debtor during the months of July 2012 to August 2012 and for all the goods delivered the Operational Creditor has raised three invoices, amounting to ₹ 34,98,706/-, however the Corporate Debtor without any rhyme or reasons has withheld the payment to be made to the Operational Creditor. Further, it is stated in the Application that for the goods delivered by the Corporate Debtor, the payment had fallen due in the months of October 2012 and November 2012 and as such the Corporate Debtor is also liable to pay interest from the date on which the Principal Amount fell due. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tation shall be computed from the time when the acknowledgment was so signed. (2) Where the writing containing the acknowledgment is undated, oral evidence may be given of the time when it was signed; but subject to the provisions of the Indian Evidence Act, 1872 (1 of 1872), oral evidence of its contents shall not be received. Explanation.--For the purposes of this section,-- (a) an acknowledgment may be sufficient though it omits to specify the exact nature of the property or right, or avers that the time for payment, delivery, performance or enjoyment has not yet come or is accompanied by a refusal to pay, deliver, perform or permit to enjoy, or is coupled with a claim to set-off, or is addressed to a person other than a p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2012 and for the sake of argument, if the acknowledgement of debt is taken to be obtained from Corporate Debtor on 31.03.2016, the same falls beyond the 3 years period of limitation and as such the same has not been obtained before the expiration of the prescribed period. In this context, it is pertinent to refer to the decision of the Hon'ble NCLAT in the matter of C. Shivakumar Reddy -Vs- Dena Bank in Company Appeal (AT)(Ins) No. 407 of 2019 wherein it has held that any dues payable, even if acknowledged after three years of limitation period, cannot be taken into consideration for the purpose of deriving conclusion under Section 18 of the Limitation Act. 10. Thus, in view of the discussion made supra, prima-facie it is seen that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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