TMI Blog2020 (1) TMI 1241X X X X Extracts X X X X X X X X Extracts X X X X ..... rding to part II of first division of schedule given under the Limitation Act, 1963 a debt is deemed time barred if the lender or the supplier of goods and services does not recover the money or does not take legal action within three years from the due date. In the instant case more than three years has been elapsed from the due date, therefore, the debt which is claimed by the applicant through this petition is a time barred debt, hence this application is not maintainable. In the case on hand no acknowledgement was made by the corporate debtor and/or obtained by the applicant before expiration of three years as required in Section 18 of the Limitation Act, therefore, the application is barred by limitation as it fall under article 13 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant/operational creditor company is engaged in the business of supply of raw material and ceramic glaze mixture and had supplied goods to the respondent company in the year 2013. That, the applicant had raised five invoices on the respondent company totally amounting to ₹ 23,97,072/- (Rupees twenty-three lacs ninety-seven thousand seventy-two only) which had fallen due on 02.08.2013, 08.08.2013, 16.08.2013, 16.08.2013 24.09.2013. 5. Having failed to recover the debt, the operational creditor issued demand notice in form 4 on 10th November, 2017 enclosing therewith copy of invoices etc. 6. In support of its claim, the operational creditor has annexed to the application copy of all related documents like copy of invoices, demand ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to mention here that prior to 10.11.2017 no action whatsoever has been taken by the applicant to recover the alleged debt. According to part II of first division of schedule given under the Limitation Act, 1963 a debt is deemed time barred if the lender or the supplier of goods and services does not recover the money or does not take legal action within three years from the due date. In the instant case more than three years has been elapsed from the due date, therefore, the debt which is claimed by the applicant through this petition is a time barred debt, hence this application is not maintainable. Though the applicant has tried to convince that the demand notice was issued on 10.11.2017 and it is well within time, however, Section 18 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts of the case, Section 5 of the Limitation Act may be applied to condone the delay in filing such applications. 14. In Gaurav Hargovindbai Dave vs. Asset Reconstruction Company (India) Ltd. Anr. [Civil Appeal No. 4952/2019] It is held that Article 62 is out of the way on the ground that it would only apply suits. The present case being an application which is filed under Section 9, would fall only within the residuary Article 137. Therefore, the application filed under Section 7 is clearly time barred. 15. Hon'ble Supreme Court in the recent judgement Vashdeo R Bhojwani vs. Abhyudaya Co-operative Bank Ltd. Anr. in Civil Appeal No. 11020 of 2018 decided on 2nd September, 2019 again held that Article 137 of the Limitation ..... X X X X Extracts X X X X X X X X Extracts X X X X
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