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TMI Blog2020 (12) TMI 320X X X X Extracts X X X X X X X X Extracts X X X X ..... the bar in terms of section 69(2) of the Indian Partnership Act, 1932, would not apply to applications filed under the IBC. Time Limitation - HELD THAT:- Article 137 of the Limitation Act, 1963 stipulates a limitation period of three years from the date on which the right to apply accrues - The date of default is stated to be 23-6-2015 and the petition was filed on 25-9-2018 - Noting that there is no acknowledgement of liability in terms of section 18 of the Limitation Act, 1963, before the expiry of the period of limitation, the present petition is barred by limitation. Petition dismissed. - CP (IB) No. 3637/MB.IV/2018 - - - Dated:- 16-7-2020 - Rajasekhar V.K., Member (J) And Ravikumar Duraisamy, Member (T) For the Appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hase orders dated 21-9-2012, 1-8-2013 and 4-1-2014 on the Operational Creditor for supply of construction chemicals (paras 2.3 and 2.4 at page 38 of the Petition); (b) Against the said supplies, the Operational Creditor issued invoices dated 26-9-2012, 9-8-2013, 13-11-2013 and 15-2-2014, which were accepted by the Corporate Debtor. The material supplied by the Operational Creditor has been consumed by the Corporate Debtor without raising any dispute' with regard to the quality of these materials (para 2.5 at page 38 of the Petition); (c) Against the total outstanding amount of ₹ 81,18,833.68, the Corporate Debtor has paid a sum of ₹ 73,32,596/-, leaving a balance of ₹ 7,86,237.68 as on 23-6-2015 (para 2.6 at ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion mentions that the Applicant is a partnership firm. In terms of section 69(2) of the Indian Partnership Act, 1932, no suit to enforce a right arising from a contract shall be initiated in any court by or on behalf of the firm against any third party unless the firm is registered and the persons suing are or have been shown in the Register of Firms as partners in the Firm [para 3(c) at page 3 of the Reply]; (c) Invoices attached are for the period from 2012 to 2014. Assuming without admitting that the debt fell due on 23-6-2015 as mentioned in para 2 on page 14 of the petition, even then the present petition is filed in September 2018, which is after the period of three years and thus barred by limitation [para 4(a) at page 4 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ption 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 filing such application. 13. Article 137 of the Limitation Act, 1963 stipulates a limitation period of three years from the date on which the right to apply accrues. 14. In Vashdeo R Bhojwani v. Abhyudaya Cooperative Bank Ltd. another, (2019) 9 SCC 158 : (2019) 4 SCC (Civ) 308 at page 159 the Hon'ble Su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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