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TMI Blog2020 (1) TMI 1247X X X X Extracts X X X X X X X X Extracts X X X X ..... six years from the date of accrual of cause of action - Hon'ble Supreme Court in the case of B.K. Educational Services Pvt. Ltd. vs. Parag Gupta and Associates [ 2018 (10) TMI 777 - SUPREME COURT ] held that the Limitation Act is applicable to applications filed under section 7 and 9 of the Code from the inception of the Code, Article 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 f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or is a private limited company incorporated on 08.03.1995 having identification No. U45201GJ1995PC024916 and having registered office at Navrangpura, Ahmedabad, Gujarat State. 4. The applicant/operational creditor company is engaged in the business of supply of glazing systems, aluminium ventilators, aluminium sliding windows, aluminium fixed windows etc, 5. The applicant/operational creditor has stated that based on the orders placed by the corporate debtor, the operational creditor had raised two running bills on the corporate debtor dated 19.04.2011 and 10.05.2011. Out of the aforesaid two bills, the second bill dated 10.05.2011 amounting to ₹ 35,15,827.00 is still unpaid. Therefore, an amount of ₹ 48,98,843/- (Rupees ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itation Act, 1963 a debt is deemed time barred if the lender or the supplier of goods and services does not recover the money or does not take legal action within three years from the due date. In the instant case more than 6 years has been elapsed from the due date, i.e. 10.08.2018 therefore, the debt which is claimed by the applicant through this petition is a time barred debt and is not payable in law, hence this application is not maintainable. 11. On perusal of the record it is observed that the application under Section 9 of I B Code has been filed on 28th May, 2018 i.e. after more than six years from the date of accrual of cause of action. Hon'ble Supreme Court in the case of B.K. Educational Services Pvt. Ltd. vs. Parag Gupta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt 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 he denies his title or liability, a fresh period of limitation shall be computed from the time when the acknowledgement was signed. 15. In the case on hand no acknowledgement was made by the corporate debtor and/or obtained by the applicant before expiration of three years as required in Section 18 of the Limitation Act, therefore, the application is barred by limitation as it fall under article 137 of the Limitation Act which is a residuary article. 16. In view of the aforesaid discussions, the Adjudicating Authority is of the considered view that the instant ..... X X X X Extracts X X X X X X X X Extracts X X X X
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