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TMI Blog2019 (1) TMI 840X X X X Extracts X X X X X X X X Extracts X X X X ..... rity if so required, and in appropriate case, he may decide whether the claim is time barred or not. In the present case, it is not the case of the appellant that there is no debt payable in the eyes of the law. In this case an amount of ₹ 1,99,27,145/- was payable together with interest @ 18% per annum as claimed by the respondent. This claim was made initially in the year 2014 when the company petition was filed, which was disposed of due to certain defects in the earlier application on 1st August, 2017. Therefore, the present application cannot be stated to be barred by limitation and on the other hand we find there is continuous cause of action. - Company Appeal (AT) (Insolvency) No. 735 of 2018 - - - Dated:- 28-11-2018 - Ju ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le 137 of the Limitation Act gets attracted. The right to sue , therefore, accrues when a default occurs. If the default has occurred over three years prior to the date of filing of the application, the application would be barred under Article 137 of the Limitation Act, save and except in those cases where, in the facts of the case, Section 5 of the Limitation Act may be applied to condone the delay in filing such application. 28. In view of our finding that the Limitation Act has in fact been applied from the inception of the Code, it is unnecessary for us to go into the arguments based on the doctrine of laches. The appeals are therefore remanded to the NCLAT to decide the appeals afresh in the light of this judgment. As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he time limit. 5. So far as the claim is concerned, it is for the Interim Resolution Professional / Resolution Professional to decide the claim, which may be corrected by the Adjudicating Authority if so required, and in appropriate case, he may decide whether the claim is time barred or not. 6. In the present case, it is not the case of the appellant that there is no debt payable in the eyes of the law. In this case an amount of ₹ 1,99,27,145/- was payable together with interest @ 18% per annum as claimed by the respondent. This claim was made initially in the year 2014 when the company petition was filed, which was disposed of due to certain defects in the earlier application on 1st August, 2017. Therefore, the present appli ..... X X X X Extracts X X X X X X X X Extracts X X X X
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