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TMI Blog2019 (11) TMI 1519X X X X Extracts X X X X X X X X Extracts X X X X ..... oney recovery. So far as the limitation is concerned, it is a settled position of law that provisions of Limitation Act would be applicable to the provisions of Code. The Hon ble Supreme Court in the case of B.K. Educational Services Put. Ltd. Vs. Parag Gupta and Associates [ 2018 (10) TMI 777 - SUPREME COURT ], has, inter alia, held that provisions of Limitation Act will apply to proceedings or appeals before NCLT/NCLAT. Section 238A of the Code make provisions of Limitation Act would apply to proceedings under the Code. The Petitioner failed to explain as to how the instant Company Petition is within limitation since the alleged debt and default occurred as early in the year, 2014. The instant case is not a fit case to admit and it is lia ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tric saws, wires and welding tools. The Corporate Debtor is a company incorporated under the Companies Act, 1956. (3) In the ordinary course of business, the Corporate Debtor approached the Operational Creditor for supply of Wielding wire, Lincoln EM wire and Lincoln Electric Saw (hereinafter collectively referred to as the "Products"). Accordingly, the Operational Creditor Products were supplied from 9th August, 2017 to 7th September, 2017 under various invoices to the Corporate Debtor. The Corporate Debtor has not raised any objections with respect to the quality and quantity of the products supplied. (4) The terms under which the Products were such that the payment to the Operational Creditor was to be made from 30 (thirty) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er) for the Respondent. We have carefully perused the pleadings of both the parties and extant provisions of the Code. 4. Shri Abhay, learned Counsel for the Petitioner while reiterating pleadings raised in the petition, as briefly stated supra, has further submitted that the debt and default is not in dispute, the Corporate Debtor did not respond to the Demand Notice and application is filed in accordance with law. Therefore, he urged the Tribunal to initiate CIRP as prayed for. 5. Shri D. T. Jayaswamy the Finance Manager of the Company has submitted that the claim relates to invoices dated 22.08.2017, 07.09.2017 and 30 days' time was prescribed for payment. However, the Petitioner has issued a demand notice only on 26 April 2019, af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... imitation is concerned, it is a settled position of law that provisions of Limitation Act would be applicable to the provisions of Code. The Hon'ble Supreme Court in the case of B.K. Educational Services Put. Ltd. Vs. Parag Gupta and Associates (2018) SCC Online SC 1921, has, inter alia, held that provisions of Limitation Act will apply to proceedings or appeals before NCLT/NCLAT. Section 238A of the Code make provisions of Limitation Act would apply to proceedings under the Code. The Petitioner failed to explain as to how the instant Company Petition is within limitation since the alleged debt and default occurred as early in the year, 2014. 7. In view of the facts and circumstances, we are of the considered opinion that the instant c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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