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TMI Blog2011 (6) TMI 605X X X X Extracts X X X X X X X X Extracts X X X X ..... ntitled to interest on the above sum from the date of the respective invoices at 8 per cent. per annum simple interest till the date of this order. The company will also be liable to pay interest at 10 per cent. per annum on the said sum of principal and interest adjudged up to the date of this order till payment, winding up application is disposed of X X X X Extracts X X X X X X X X Extracts X X X X ..... e company. Learned counsel for the petitioning creditor showed me three documents. The first is dated February 7, 2005, signed by the director (secretary) of the company acknowledging that Rs. 9,45,991.74 was due and payable by the company to the petitioning creditor. The second document is similar but dated May 6, 2006, signed by the same person and acknowledging the same amount. The third is dated August 23, 2008, signed by the manager (finance). He was a different person than the one who signed the earlier two documents. There the amount acknowledged was Rs. 9,61,460.74. 5. Learned counsel for the petitioning creditor substantially relied on these three documents. Submissions on behalf of the company 6. Learned counsel for the company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e submission that when a substantial dispute is raised the court should not entertain a winding up application. Discussion and findings 10. The only obstacle in the way of admission of the petition, in my judgment, is limitation. 11. First of all let me deal with the submission of Mr. Basak, learned counsel for the respondent regarding the authority of the signatory of the document dated August 23, 2008. The first document dated February 7, 2005, is an acknowledgement made by the company that it owes the petitioning creditor Rs. 9,45,991.74. This document is not disputed. The second document dated May 6, 2006, makes a similar acknowledgement. That is not disputed. But the third document, the authenticity of which will positively determin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -05-2001 SKK/B/01-02/41 dated 02-06-2001 20,096.00 4. -do- SKK/B/01-02/42 dated 02-06-2001 7,887.00 5. SKK/B/01-02/119 dated 06-08-2001 SKK/B/01-02/120 dated 06-08-2001 SKK/B/01-02/144 dated 27-08-2001 SKK/B/01-02/141 dated 30-08-2001 64,448.00 6. -do- SKK/B/01-02/142 dated 30-08-2001 20,209.00 7. SKK/B/01-02/170 dated 20-09-2001 SKK/B/01-02/189 dated 29-09-2001 20,096.00 1,89,777.00 14. Therefore, the acknowledgement dated February 7, 2005, could not extend the period of limitation for a claim which became barred at the time of making the acknowledgement. Section 18 of the Limitation Act, 1963, stipulates that the acknowledgement has to be made before expiry of such period. Therefore, the subsequent acknowledgements ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rest on the above sum from the date of the respective invoices at 8 per cent. per annum simple interest till the date of this order. The company will also be liable to pay interest at 10 per cent. per annum on the said sum of principal and interest adjudged up to the date of this order till payment. 19. Considering the submissions made on behalf of the company, the above admitted amount may be paid by the company in 15 equal monthly instalments commencing from July 1, 2011 and payable by the 7th of each month. The first instalment may be paid by July 15, 2011. Any remainder is to be added to the last instalment. In default of payment of any one instalment, the petitioning creditor will have the liberty to apply to this court for leave to o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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