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TMI Blog2021 (5) TMI 311X X X X Extracts X X X X X X X X Extracts X X X X ..... , AAA Rules 2016) by M/s. NBC Universal Media Distribution Services Private Limited (hereinafter referred as "Operational Creditor") for initiate Corporate Insolvency Resolution Process (in short "CIRP") against M/s. Lakshmi Ganpathy Films Private Limited (hereinafter referred as "Corporate Debtor") on the ground the Corporate Debtor defaulted in paying Rs. 1,21,68,732/- for services rendered by the Operational Creditor to the Corporate Debtor. 2. On perusal of this application, it appears that Part - I of the Application being Form 5 discloses the particulars of the Operational Creditor as being represented by the Authorized Representative Mr. Manoj Khatri, and the Operational Creditor has passed a Board Resolution to this effect on 28th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rassic World in Andhra Pradesh (2nd Agreement). The term for both the 1st Agreement and 2nd Agreement was 1 year. 6. The learned counsel for the Operational Creditor submitted that based on aforesaid agreements, the Operational Creditor raised the debit notes under the 1st and 2nd Agreement in terms the agreements, the billing payment period is 25 calendar days following the end of the relevant accounting month. The operational Creditor raised following bills is under:- 7. The learned counsel for the Operational Creditor submitted that in respect of aforesaid invoices, part payments received on various dated in the year of 2015. It is further submitted that after taking into account such amounts being received by the operational Creditor, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the present case, the debit notes raised by the Corporate Debtor is more than 3 years from the date of filing this application on 24.10.2019 and last payment received from the corporate debtor on 23.02.2016. Even, in this case, the Operational Creditor has not filed condone delay in filing application on the cause of action. 11. By taking into consideration the facts mentioned supra, this application is hit by the limitation. The Hon'ble Supreme Court, in the matter of B.K. Educational Services Private Limited vs. Parag Gupta & Associates [2018 (14) SCALE 482], decided on 11.10.2018, has clearly laid down in para 27 as follows:- "27. It is thus clear that since the Limitation Act is applicable to applications filed under sections 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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