TMI Blog2021 (1) TMI 1256X X X X Extracts X X X X X X X X Extracts X X X X ..... ation under assumption that it will get the benefit of Section 18 of Law of Limitation to initiate the Corporate Insolvency Resolution Process against the Corporate Debtor - Bare reading of provisions of Section 18, Law of Limitation shows that such acknowledgement of debt must be within three (03) years from the date, on which, such debt became due and payable. 5. In this case, the debt was due a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... application against the Corporate Debtor, M/s. Baroda Rayon Corporation Ltd. to start Corporate Insolvency Resolution Process ( CIRP ) of the Corporate Debtor on the ground that the Corporate Debtor committed default in paying operational debt of Rs. 1,37,93,934=17. 2. We have gone through the evidence on record. It is necessary to go in the factual controversy between the parties because prima ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itation shows that such acknowledgement of debt must be within three (03) years from the date, on which, such debt became due and payable. 5. In this case, the debt was due and payable in the year 2006, whereas, so called acknowledgement of the debt by the Corporate Debtor was made in 2015, i.e. beyond the period of three years. 6. In view of above admitted facts and considering the provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
