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TMI Blog2020 (1) TMI 1241X X X X Extracts X X X X X X X X Extracts X X X X ..... d to as "the Code"] read with Rule 6 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"], as operational creditor/applicant. 2. The applicant/operational creditor is a private limited company having its registered office at GIDC, Ankleshwar, Dist. Bharuch, Gujarat State and having registration No. U01132GJ1986PTC101100. 3. The respondent/corporate debtor is a private limited company incorporated on 22.07.2011 having identification No. U26933GJ2011PTC066474 and having registered office at GIDC, Ankleshwar, Dist. Bharuch, Ahmedabad, Gujarat State. Authorised share capital of the company is Rs. 6,30,00,000/- and paid up share capital is Rs. 6,30,00,000/- 4. The applic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n perusal of the records it is also found that the Board Resolution authorising Mr. Kanti Mal Bhandari to initiate CIRP against the respondent company is dated 3rd February, 2018, whereas, the demand notice was issued on 10th November, 2017, that means on the date of issuance of demand notice, Mr. Kanti Mal Bhandari had no authority to issue such a notice. That apart the demand notice is not as per Form 3 and Form 4 and no annexures are enclosed therewith and as such the demand notice itself is bad in the eye of law. 11. On perusal of records it is also found that the applicant has not furnished copy of the purchase orders against which the goods were supplied and the invoices so raised upon it. 12. It is pertinent to mention here that pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... payment was made as admitted by the applicant himself, in support of that filed copy of ledger account (Page 22) of the petition. Hon'ble Supreme Court in the case of B.K. Educational Services Pvt. Ltd. vs. Parag Gupta and Associates 2018 SCC Online SC 1921 held that the Limitation Act is applicable to applications filed under section 7 and 9 of the Code from the inception of the Code, Article 137 of the Limitation Act gets attracted. "The right to sue", therefore, accrues when a default occurs. If the default has occurred over three years prior to the date of filing of the application, the application would be barred under Article 137 of the Limitation Act, save and except in those cases, where, in the facts of the case, Section 5 of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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