TMI Blog2019 (8) TMI 1599X X X X Extracts X X X X X X X X Extracts X X X X ..... its immovable property on March 10, 2005. The corporate guarantee/personal guarantee was also given by the corporate debtor on March 5, 2005 - it is clear that there is a continuous cause of action. Further, we find that the corporate debtor by its letter dated June 23, 2016 also requested the financial creditor to accept one-time settlement. Thus, the claim of the respondent (financial creditor) was not barred by limitation. Further, there being mortgaged property the period of limitation to enforce payment of money secured will be 12 years when money sued for becomes due. For the reason aforesaid, the claim of the financial creditor is not barred by limitation. Appeal disposed off - Company Appeal (AT) (Insolvency) No. 604 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... atter on the issue of limitation, learned counsel for the appellant sought some time to settle the matter with the respondent- financial creditor . The case was adjourned from time to time but no settlement is reached and it is informed that the matter is pending consideration. We have heard learned counsel for the parties and perused the records. 4. For maintaining the application under section 7 of the I and B Code, article 137 of Part II of Third Schedule to the Limitation Act, 1963 is applicable which deals with other applications and reads as follows : Part II-Other applications Description of application Period of limitation Time for which period being to run ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le property on March 10, 2005. The corporate guarantee/personal guarantee was also given by the corporate debtor on March 5, 2005. 8. From the aforesaid facts, it is clear that there is a continuous cause of action. Further, we find that the corporate debtor by its letter dated June 23, 2016 also requested the financial creditor to accept one-time settlement. Thus, we find that the claim of the respondent ( financial creditor ) was not barred by limitation. Further, there being mortgaged property the period of limitation to enforce payment of money secured will be 12 years when money sued for becomes due. For the reason aforesaid, we hold that the claim of the financial creditor is not barred by limitation. 9. On the earlier o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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