TMI Blog2019 (10) TMI 1531X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 is clearly barred by limitation as the dates of default as mentioned in the Application are 28.02.2014, 09.04.2014, 18.07.2014, 23.12.2014, 02.02.2015 and 09.04.2015 and period of three years has been elapsed from the said dates of default. Therefore, the Application is barred by limitation and debt of Applicant is time barred. This Application filed under Section 9 of I B Code, 2016, by Sarda Agro Oils Limited, Operational Creditor/Applicant against Sakuma Exports Limited, Corporate Debtor, for initiating Corporate Insolvency Resolution Process is rejected. - C.P. (IB) No. 4428/NCLT/MB/2018 - - - Dated:- 15-10-2019 - V.P. Singh, Member (J) and Rajesh Sharma, Member (T) For the Appellant: Rakesh Reddy and Arjit Anarden, Advoca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e vide its Letter dated 21.04.2018 and rejected the demand of the Applicant. The copies of debit notes, demand notice and reply of corporate debtor are annexed to the Application. 5. Before proceeding further, it is pertinent to note that, the debt amount claimed by the Applicant under present Application is based upon sale agreements and in Form 5, under Part IV, the Applicant has mentioned dates of default as 28.02.2014, 09.04.2014, 18.07.2014, 23.12.2014, 02.02.2015 and 09.04.2015. 6. The Corporate Debtor has filed its Affidavit in Reply on 14.06.2019 and has opposed the Application on the ground of limitation among other grounds. The Corporate Debtor has submitted that, present Application is barred by limitation and therefore sho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Application are 28.02.2014, 09.04.2014, 18.07.2014, 23.12.2014, 02.02.2015 and 09.04.2015 and period of three years has been elapsed from the said dates of default. Therefore, the Application is barred by limitation and debt of Applicant is time barred. 9. Further, it is undisputed that the claim amount is advance paid by the Applicant to the Corporate Debtor for goods which were never supplied. In this regard it would be appropriate to note the decision of the Hon'ble National Company Law Appellate Tribunal in Roma Infrastructures India Pvt. Ltd. vs. A.S. Iron Steel (I) Pvt. Ltd. in Company Appeal (AT) (Ins) No. 223 of 2019 dated 22.04.2019 , wherein it is held that since money was paid as advance for supply of goods but the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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