9911796707
TMI Blog2022 (8) TMI 997X X X X Extracts X X X X X X X X Extracts X X X X ..... ferred to as 'Petitioner/Financial Creditor') to initiate the Corporate Insolvency Resolution Process ('CIRP') against B.R. Solvex Private Limited (hereinafter referred to as 'Respondent/Corporate Debtor'). The petition is signed by Mr. Chandan, Authorized Signatory and the affidavit verifying the contents of the application is on page 34-36 of the petition. 2. The master data of the corporate debtor is stated to be filed as Annexure-4 of the petition. The Corporate Debtor is stated to be incorporated on 04.07.2008 under the provisions of Companies Act, 1956 and is a doing the business in edible oil/solvent extractors. The company having its registered address at Somsons Colony, Thandi Sarak, Malerkotla PB 148023 IN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce through email as well as through substituted has been made in two daily newspapers (Chandigarh Edition) namely Financial Express (English) and "Jansatta" (Hindi), none appeared on behalf of respondent, therefore, respondent is set ex-parte on 07.03.2022. 6. We have heard the learned counsels for the petitioner and have also perused the record carefully. 7. Section 7(3) & (5)(a)(b) of the Code is as follows:- (3) The financial creditor shall, along with the application furnish-- (a) record of the default recorded with the information utility or such other record or evidence of default as may be specified; (b) the name of the resolution professional proposed to act as an interim resolution professional; and (c) any other informat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sel for the petitioner there is also subsequent default, when the cheque was bounced. But this fact is not clearly mentioned in Part IV. The learned counsel for the petitioner was directed to file compliance affidavit. To the above, compliance affidavit has been filed vide Diary No. 01099/3 dated 30.11.2021, whereby it has been stated that the last cheque provided by the respondent-corporate debtor to the applicant-financial creditor got bounced/dishonoured on 18.09.2017 for an amount of Rs. 69,892 vide Instrument No. 117902 and the respondent-corporate debtor failed to honour its financial obligations/promise to the applicant as per the loan agreement. Further, it may be noted that although in above compliance affidavit "the last cheque pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n after passing the award no payment was made thus, the instant petition is beyond the limitation period. 10. In view of the above, the present petition is time barred. Section 3 of Limitation Act, 1963 is imperative and casts a duty upon the Court to dismiss an application barred by time although limitation has not been set up as a defence. As held in Ashis Kumar Hazra V. Rubi Park Co-operative Housing Society Ltd. A.I.R. 1997 S.C. 2724 that under Section 3, it is the duty of the Court to ensure that unless proper explanation is given, the valuable right cannot be defeated. It is also held in Lachhman Singh V. Hazara Singh (2008) 5 S.C.C. 444 that limitation is a question of jurisdiction Section 3 puts embargo on the court to entertain a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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