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TMI Blog2019 (12) TMI 1391X X X X Extracts X X X X X X X X Extracts X X X X ..... ) For the Appellant : Sandeep Bisht, Advocate, Manisha Rawat, RP, Akash Srivastava and Akshita Rishi, Advocates ORDER Rajesh Dayal Khare, Member (J) 1. The present petition has been filed under Section 7 of the Insolvency &Bankruptcy Code, 2016, (hereinafter referred to as the "Code") by the Earth Gracia Buildcon Pvt.. Ltd. (EGBPL), praying for initiation of Corporate Insolvency Resolution Pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the head 'borrowing' by the Corporate Debtor and not under the head 'assets'. Hence, the Corporate Debtor failed to pay off the debt to the Financial Creditor. 3. The CIRP of EGBPL was initiated vide order dated 17.01.2019 passed by NCLT, Principal Bench and Ms. Manisha Rawat has been appointed as its IRP. The IRP, on her appointment, realized that the office of EGBPL was lying se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... National Company Law Tribunal, New Delhi. Thereafter, a demand notice dated 27.07.2019 was sent by the Financial Creditor through RP to the Corporate Debtor as well as its directors demanding repayment of financial debt within 10 days of receipt of notice. 4. Further, the Financial Creditor submitted that the Corporate Debtor failed to repay the same within 10 days thereof and this failure result ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... would also like to refer the relevant part of Hon'ble Supreme Court in "BK Educational Services Private Limited v. Parag Gupta and Associates Civil Appeal No. 23988 of 2017", the Hon'ble Supreme Court analysed the limitation period with respect to applications under Section 7 and Section 9 of the Insolvency and Bankruptcy Code, 2016 and observed: "27. It is thus clear that since the Limi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tition being filed in August, 2019 is barred by limitation, not being within three years from the date of the cause of action. 9. In view of the above, this Bench is of the view that the prayer for initiating Corporate Insolvency Resolution process against the Corporate Debtor is not sustainable as the present application is barred by limitation. 10. Hence, the petition is dismissed as it is bar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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