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TMI Blog2018 (8) TMI 1790X X X X Extracts X X X X X X X X Extracts X X X X ..... ed till 26.02.2013 as per various payment collection memos to the Corporate Debtor. It is stated by the Applicant that as on 26.02.2013, the outstanding amount payable by the Respondent to the Applicant stood on Rs. 58,19,490/-. 3. On 8th October, 2012 the Operational Creditor entered into High Seas Sale Agreement with the Corporate Debtor viz. Shriram Cement Limited for the supply of South African Coal in bulk with various covenants with regard to the quality, place of delivery and mode of payment etc. (High Seas Sales Agreement dated 8th October, 2012 enclosed as Annexure-3 with the Application). 4. It is stated that the Corporate Debtor in pursuant to the above said agreement, placed purchase orders on 17.12.2012 for the supply of South African Steam Coal. The Corporate Debtor used to pay regularly as reflected from the Ledger Account of the Corporate Debtor in the books of accounts of the Operational Creditor (Applicant). During the course of business, the Operational Creditor (Applicant) has issued various payment collection memos dated 31.01.2013 2 Nos., 10.02.2013, 11.02.2013 and 26.02.2013 which are annexed with the Application. The business between both the Corporate Deb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /payment collection memo, purchase orders, copies of the Bank statements, copy of demand notice, copy of written communication received from the proposed Resolution Professional to act as IRP in form No. 2, copy of High Sea Sale Agreement dated 08.10.2012, copy of purchase orders, copy of debt settlement agreement dated 01.03.2017, ledger account of Operational Creditor confirming the existence of balance of Rs. 42.00 lacs, certificate from UCO Bank confirming non-receipt of payment from Corporate Debtor as on 26.02.2013 etc. 8. Heard the Applicant at length and perused the records annexed with the Application. 9. On filing of the Application with this Tribunal on 27.04.2018, the Applicant/the Operational Creditor attached the proof of dispatch as well as proof of service of complete set of application to the Corporate Debtor. However, again notice was issued through the Registry to the Corporate Debtor on 20.06.2018. The Applicant was also directed to inform the Corporate Debtor about the date of hearing. Operational Creditor/Applicant after taking necessary steps, filed the proof of dispatch as well as proof of service ot the date Of hearing upon the Corporate Debtor, but none ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... od begins to run For the price of goods sold and delivered where no fixed period of credit is agreed upon. Three years The date of the delivery of the goods. For the price of goods sold and delivered to be paid for after the expiry of a fixed period of credit. Three years When the period of credit expires. 15. For the sake of brevity, Section 18 of the Limitation Act, reproduced below" "........Section 18. Effect of acknowledgement in writing.-(l) Where, before the expiration of the prescribed period for a suit or application in respect of any property or right, an acknowledgment of liability in respect of such property or right has been made in writing signed by the party against whom such property or right is claimed, or by any person through whom such property or right is claimed, or by any person through whom he derives his title or liability, a fresh period of limitation shall be computed from the time when the acknowledging was so signed......." 1963 is 16. Now, the question may arise with regard to implementation of Section 238A of Insolvency & Bankruptcy Code, 2016 w.e.f. 06.06.2018. There were different views of the different Benches of NCLT. However, while deali ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... therefore, follows that proviso (b) to Section 240 is also declaratory. It seeks to clarify the law so as to remove doubts leading to the courts giving conflicting decisions, and in several cases directing the Revenue to refund the entire amount of income tax paid by the assesse where the Revenue was not in a position to frame a fresh assessment. Being clarificatory in nature it must be held to be retrospective, in the facts and circumstances of the case. It is well settled that the legislature may pass a declaratory Act to set aside what the legislature deems to have been a judicial error in the interpretation of statute. It only seeks to clear the meaning of a provision of the principal Act and make explicit that which was already implicit." (ii) CIT v. Vatika Township, (2015) 1 SCC 1: "32. Let us sharpen the discussion a little more. We may note that under certain circumstances, a particular amendment can be treated as clarificatory or declaratory in Such statutory provisions are labelled as nature. "declaratory statutes". The circumstances under which provisions can be termed as "declaratory statutes" are explained by Justice G.P. Singh [Principles of Statutory Interpretat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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