TMI Blog2019 (12) TMI 1391X X X X Extracts X X X X X X X X Extracts X X X X ..... e Insolvency Resolution process against the Corporate Debtor is not sustainable as the present application is barred by limitation - Petition dismissed. - (IB) 1952 (ND)/2019 - - - Dated:- 9-12-2019 - Rajesh Dayal Khare, Member (J) And Sumita Purkayastha, Member (T) 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 Process of the Corporate Debtor (Connoisseur) on grounds of its inabili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,00,000/- as outstanding unsecured loan taken from the Financial Creditor. RP also realized that the Corporate Debtor was struck off by the ROC, NCT of Delhi Haryana from the Register of Companies vide Notice dated 08.08.2018. The Financial Creditor filed an Appeal under Section 252 of the Companies Act, 2013 for the restoration of the Corporate Debtor on the Register of Companies, which was allowed vide order dated 10.07.2019 of the Hon'ble 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 sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 the Limitation Act may be applied to condone the delay in filing such application. From the aforesaid decision, it is clear that the petition is barred by limitation. The Tribunal observed that The right to sue expired in the year 2018 as the last installment of the unsecured loan was made on 29.12.2015. Hence, the present petition being filed i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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