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TMI Blog2018 (12) TMI 1817X X X X Extracts X X X X X X X X Extracts X X X X ..... ion Act, one of the essential requirements for a valid acknowledgement under Section 18, is that the writing concerned must contain an admission of a subsisting liability. A mere admission of past liability is not sufficient to constitute such an acknowledgement . In the present case, the Fernas Construction India Pvt. Ltd. (Corporate Debtor) in its job completion certificate has shown the actual value of work executed by the Operational Creditor. In reply to the demand the Corporate debtor intimated the Operational creditor that all the bills along with supporting documents are in process. It has not disputed the claim - Corporate Debtor also requested the Operational creditor to depute personnel for reconcile purpose and to sign j ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Company Law Tribunal) New Delhi Bench III wherein application under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as I B Code ) has been admitted. 2. Learned counsel appearing on behalf of the appellant submitted that the amount due or payable as claimed by the operational creditor being barred by limitation, there is no debt payable in law and therefore the question of default does not arise. 3. According to appellant - Fernas Construction India Pvt. Ltd. (Corporate Debtor) had obtained and undertaken projects worth ₹ 2,400 Crore for companies like ONGC Petro Additions Ltd., Indian Oil Corporation Ltd. extensively working in the Oil Gas Sector and engaged in constructing Cross Country Pipel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Fernas Construction India Pvt. Ltd. issued another work order for an amount of ₹ 2,05,02,500/- to the RVR Projects Pvt. Ltd. (Operational Creditor). The said order was also foreclosed midway and by that time total amount of work done was ₹ 1,48,00,184/-. The case of RVR Projects Pvt. Ltd. is that the Fernas Construction India Pvt. Ltd. admitted a debt of ₹ 1,45,28,508/- for both the above work orders on 17.06.2013 and made some past payment amounting to ₹ 42,35,000/- leaving a balance of ₹ 1,02,93,508/- remaining unpaid. 9. The demand notice under Section 8 (1) was issued by RVR Projects Pvt. Ltd. (Operational Creditor) to the Fernas Construction India Pvt. Ltd. (Corporate Debtor) on 01.12.2017, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporate Debtor within 10 days considered the balance as confirmed. 13. Fernas Construction India Pvt. Ltd. (Corporate Debtor) issued a completion certificate on 07.08.2013 wherein actual value of work executed was shown to be ₹ 1,48,00,184.00. The certificate was so issued for the purpose of billing by RVR Projects Pvt. Ltd. for forthcoming opportunities. Another (2nd) job completion certificate was issued on 07.08.2013 wherein actual value of work executed was shown as ₹ 4,21,83,810.00. 14. Operational Creditor by registered post on 31.12.2013 intimated the Corporate Debtor about the work done and amount payable showing total amount payable to the operational creditor. It was followed by letter dated 03.02.2013. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... liability. A mere admission of past liability is not sufficient to constitute such an acknowledgement . 18. In J.C. Budhraja V/s Chairman, Orissa Mining Corporation Ltd. and Anr., 2008 2 SCC , the Hon ble Supreme Court observed:- It is now well settled that a writing to be an acknowledgement of liability must involve an admission of a subsisting jural relationship between the parties and a conscious affirmation of an intention of continuing such relationship in regard to an existing liability. The admission need not be in regard to any precise amount nor by expressed words. If a defendant writes to the plaintiff requesting him to send his claim for verification and payment, it amounts to an acknowledgment. But if the defendant mer ..... X X X X Extracts X X X X X X X X Extracts X X X X
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