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TMI Blog2019 (12) TMI 1399X X X X Extracts X X X X X X X X Extracts X X X X ..... initiate Corporate Insolvency Resolution Process (CIRP) against Maestros Mediline Systems Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a listed public company limited by shares and incorporated on 28.12.1972 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its CIN is L65990MH1972PLC016208. Its registered office is at Plot No. EL-63, Electronic Zone, TTC Industrial Area, MIDC, Mahape, Navi Mumbai, Maharashtra 400 701. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 27.02.2019 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 13,83,323.00 (Rupees thirteen lak ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... retive ECG for Rs. 25,000/- on 18.06.2013 (p.48E of the Petition); (3) 6-Channel Digital ECG Machine for Rs. 25,000/- on 21.08.2013 (p.48F of the Petition); and (4) Syringe Infusion Pump for Rs. 50,000/- on 13.09.2013 (p.48G of the Petition). The letters issued by the HPSEDC in this regard have been placed on record at pp.48D to 48F of the Petition. (e) Also, the Operational Creditor advanced certain sums and other credits to the tune of Rs. 4,94,350/- approximately as and by way of advance for ordering products of the Corporate Debtor to sell in the local market. In spite of receiving the said amounts, the Corporate Debtor did not provide the products for sale. 5. The Operational Creditor had served a Deman ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nbsp;4,94,350/- as claimed. 9. We have heard the arguments of both sides and perused the records. The Corporate Debtor has stated that the claim of the Operational Creditor is not valid, on the following grounds: - (a) That the claim is time-barred; (b) That there are no documents that substantiate the claim of the Operational Creditor that it advanced Rs. 4,94,350/-to the Corporate Debtor or gave operational funding of Rs. 30,00,000/- to the Corporate Debtor. There is also nothing on record to prove that the Corporate Debtor assured payment of Rs. 4,94,350/- as claimed. 10. Before we proceed to consider the matter on merits, it is necessary to look at the limitation angle. Only if that test is satisfied, we would pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in filing such application." 15. In Sagar Sharma & another vs. Phoenix ARC Private Limited & another [2019 SCC OnLine SC 1332] (30.09.2019), the Hon'ble Supreme Court reiterated its observations in B.K. Educational Services Private Limited and stated as follows: - "3. Article 141 of the Constitution of India mandates that our judgments are followed in letter and spirit. The date of coming into force of the IBC Code does not and cannot form a trigger point of limitation for applications filed under the Code. Equally, since "applications" are petitions which are filed under the Code, it is Article 137 of the Limitation Act which will apply to such applications." 16. That being the case, since the date of default even according to the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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