TMI Blog2019 (11) TMI 1572X X X X Extracts X X X X X X X X Extracts X X X X ..... if we assume the date of default to be September 23, 2014, i. e., the day after the last default was raised on September 22, 2014 the question of limitation has to be considered - It is not the case of the operational creditor that any payment has been received after September 22, 2014, in which case the applicability of section 18 of the Limitation Act, 1963, may have a bearing. That being the case, since the date of default even according to the operational creditor is September 22, 2014, and applying the principles laid down by the hon'ble Supreme Court in B. K. Educational Services P. Ltd. v. Parag Gupta and Associates [ 2018 (10) TMI 777 - SUPREME COURT ] and Sagar Sharma v. Phoenix ARC P. Ltd. [ 2019 (10) TMI 224 - SUPREME COUR ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... corporate insolvency resolution process (CIRP) against Maari Multitrading P. Ltd. ( the corporate debtor ). A copy of the board resolution has been placed at page 35 of the petition. 2. The corporate debtor is a private company limited by shares and incorporated on April 21, 2011 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its CIN is U51109MH2011PTC216503. Its registered office is at No. 51, Bajaj Bhavan (5th Floor), Nariman Point, Mumbai, Maharashtra-400 021. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on May 15, 2018 before this Adjudicating Authority on the ground that the corporate debtor failed to make payment of a sum of ͅ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oice amount is ₹ 1,98,45,000. (6) Invoice No. SB/30/14-15 dated September 22, 2014 for ₹ 26,46,000. Invoice copy is at page 32 ; and (7) Invoice No. SB/31/14-15 dated September 22, 2014 for ₹ 71,82,000. Invoice copy is at page 33. 5. Invoices have been placed on record as exhibit 2 at pages 27-33. The invoices do not provide for interest in case of delayed payments. Bank statements are also attached as exhibit 3 at pages 34. The total debt due and payable to the operational creditor is ₹ 11,97,53,791 (rupees eleven crores ninety seven lakhs fifty three thousand seven hundred and ninety-one only), as mentioned at page 16 of the petition. 6. The operational creditor had served a demand notice in form 3 date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the EOW on the ground that the operational creditor failed to provide correct and legible documents of transactions. In every case raised by the operational creditor against the corporate debtor, there is variation in the amount claimed (paragraph 5 at pages 2-3 of the reply) ; (d) The tax invoices and ledger can be easily forged and moreover, there is no acknowledgment of the tax invoice. Nor has the operational creditor produced any delivery challan or lorry receipt (paragraph 6 at page 3 of the reply). 9. We have heard the arguments of both sides and perused the records. 10. This claim pertains to transactions that is stated to have taken place between September 15, 2014 and September 22, 2014. The date of default is Septemb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P. Ltd. [2019] 8 Comp Cas-OL 581 (SC) ; [2019] SCC On Line SC 1332 (September 30, 2019), the hon'ble Supreme Court reiterated its observations in B. K. Educational Services P. Ltd. v. Parag Gupta and Associates [2019] 212 Comp Cas 1 (SC) ; [2018] 14 Scale 482 and stated as follows (page 584 of 8 Comp Cas-OL) : 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 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. 14. That being the case, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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