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TMI Blog2020 (6) TMI 456X X X X Extracts X X X X X X X X Extracts X X X X ..... of limitation, if the date of the last invoice is to be reckoned i.e. 13.12.2016, then the Application which was filed by the Operational Creditor before this Tribunal on 24.09.2019 is sufficiently well within the prescribed period of Limitation - bare reading of Section 29(2) of the Limitation Act, 1963 would posit the position that Section 4 to Section 24 (inclusive) of the Limitation Act, 1963 shall be applicable to the applications filed under IBC, 2016. Therefore, the contention of the Corporate Debtor that Section 19 of Limitation Act, 1963 is not applicable to the Application filed under Section 9 of the IBC, 2016 is required to be brushed aside. From the list of invoices filed, it is evident that the claim as raised by the Operational Creditor is within the prescribed period of limitation of 3 years. The registered office of the Corporate Debtor is situated within the State of Tamilnadu, amenable to its territorial jurisdiction and this Authority has no hesitation in admitting this Petition and initiating the Corporate Insolvency Resolution Process (CIRP) as against the Corporate Debtor - this Tribunal is perforce to initiate CIRP in relation to the Corporate Debtor by a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orm IV - Demand Notice dated 19.03.2019 (ii) Invoices raised by the Operational Creditor on the Corporate Debtor (iii) Ledger Extract of the Operational Creditor in the books of the Corporate Debtor 01.04.2016 to 17.08.2019 5. The Learned Counsel for the Operational Creditor submitted that they are in the business of textile processing and the Corporate Debtor approached the Operational Creditor for processing of cotton fibre and for the supply and delivery of the goods and based upon the same, the Operational Creditor supplied the same to the Corporate Debtor during the year 2016 and raised around 24 invoices which are as follows: Sl. No. Invoice No. Date 1 1054/16 - 17 19.07.2016 2 1092/16 - 17 23.07.2016 3 1150/16 - 17 29.07.2016 4 1365/16 - 17 24.08.2016 5 1388/16 - 17 26.08.2016 6 1416/16 - 17 29.08.2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ration against the invoice on various dates as reflected in the Bank Statement of the Operational Creditor and the ledger account of the Corporate Debtor maintained in the books of the Operational Creditor. It was stated that all the payments made against the delivery Of the goods have been adjusted towards the invoices in chronological order starting from the first invoice and despite several reminder both written and oral, the Corporate Debtor has failed to discharge the amount which is due and payable to the Operational Creditor. 7. The Learned Counsel for the Operational Creditor submitted that the Operational Creditor issued a Demand Notice to the Corporate Debtor on 19.03.2019 and after receipt of the said Demand Notice, on 25.03.2019 the Corporate Debtor undertook to settle the amount Shown as outstanding in the Demand Notice, it has also been alleged that the Corporate Debtor has deposited a sum of ₹ 1,00,000/- vide Bank Transfer (IMPS) on 31.05.2019, which is reflected in the Bank statement of the Operational Creditor, thereby admitting to and acknowledging the amount outstanding due and payable to the Operational Creditor. 8. Per contra, the Learned Counsel fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Further, the conclusion of this Tribunal that this Application is well within the period of limitation, is irrespective of the fact whether the Corporate Debtor has paid a sum of ₹ 1,00,000/- to the Operational Creditor or not. 12. The Learned Counsel for the Corporate Debtor contended that Section 19 of Limitation Act, 1963 is not applicable to the Application filed under Section 9 of the IBC, 2016. However, Section 238A of the IBC, 2016 states that the Limitation Act, 1963 shall, as far as may be, apply to the proceedings before the Adjudicating Authority. Further; Section 29(2) of the Limitation Act, 1963 reads as follows; 29 (2) Where any special or local law prescribes for any suit, appeal or application a period of limitation different from the period prescribed by the Schedule, the provisions Of section 3 shall apply as if such period were the period prescribed by the Schedule and for the purpose of determining any period of limitation prescribed for any suit, appeal or application by any special or local law, the provisions contained in sections 4 to 24 (inclusive) shall apply only in so far as. and to the extent to which. they are not expressly excluded by suc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed under the provisions of Section 14(1) and as extracted hereunder shall follow in relation to the Corporate Debtor: a. The institution of suits or continuation of pending suits or proceedings against the respondent including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority ; b. Transferring, encumbering, alienating or disposing of by the respondent any of its assets or any legal right or beneficial interest therein; c. Any action to foreclose, recover or enforce any security interest created by the respondent in respect of its property including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002; d. The recovery of any property by an owner or lessor where such property is occupied by or in the possession of the respondent. 17. However, during the pendency of the moratorium period in terms of Section 14(2) (2A) and 14(3) as extracted hereunder: (2) The supply of essential goods or services to the Corporate Debtor as may be specified shall not be terminated or suspended or interrupted during moratorium period. (2A) Where the inter ..... X X X X Extracts X X X X X X X X Extracts X X X X
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