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TMI Blog2021 (5) TMI 248X X X X Extracts X X X X X X X X Extracts X X X X ..... orted by any documentary evidence, that the Purchase Manager is not the Authorized Signatory of the Corporate Debtor in order to acknowledge the accounts. The Corporate Debtor has not placed on record any concrete evidence to show that the said signature has been obtained balance conformation of accounts of the Corporate Debtor. This Bench is inclined to admit this Application as the Applicant has made out a case and also satisfied this Adjudicating Authority for admitting this Application. It is also proved that there is a debt due and payable by the Corporate Debtor - Application admitted - moratorium declared. - CP/1423/2019 - - - Dated:- 29-4-2021 - R. Sucharitha, Member (J) And B. Anil Kumar, Member (T) For the Appellant : K. Gaurav Kumar and Alpa Jain, PCSs For the Respondents : Nathan and Associates ORDER R. Sucharitha, Member (J) 1. Under Consideration is a Company Petition filed by M/s. Jindal Steels (in short, 'Petitioner/Operational Creditor') against M/s. Landmark Housing Projects Chennai Private Limited (in short, 'Respondent/Corporate Debtor') under section 9 of the Insolvency and Bankruptcy Code 2016 (In short, 'IB C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r and the Purchase Manager is not legally authorized to do so as shown in Page 63 of the application filed by the Operational Creditor. The Operational Creditor, in collusion with the then Purchase Manager, who without any authority had signed and affixed seal in the alleged ledger without knowledge of the Corporate Debtor and the thus the Corporate Debtor has not acknowledged the debt. It is well established law that the seal and signature of authorized person in ledger maintained by the Operational Creditor is not considered as an acknowledgement as per Section 18 of the Limitation Act, 1963. 7. Further, the last invoice dated 09.12.2014 was the cause of action enabling the Operational Creditor to file this application but it is not within limitation as the limitation period starts from 09.12.2014 and the present application was filed on 29.11.2019 after the expiry of a period of three years. Section 238A of the Code clearly provides that the Limitation Act, 1963 applies to proceedings before this Tribunal. The learned counsel for the Corporate Debtor relied on the decision of the Hon'ble Supreme Court in B.K. Educational Service Pvt. Ltd. Vs Parag Gupta and Associates on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sign and verify the pleadings on behalf of the corporation. In addition thereto and de hors Order 29 Rule 1 of the Code of Civil Procedure, as a company is a juristic entity, it can duly authorise any person to sign the plaint or the written statement on its behalf and this would be regarded as sufficient compliance with the provisions of Order 6 Rule 14 of the Code of Civil Procedure. A person may be expressly authorised to sign the pleadings on behalf of the company, for example by the Board of Directors passing a resolution to that effect or by a power of attorney being executed in favour of any individual. In absence thereof and in cases where pleadings have been signed by one of it's officers a Corporation can ratify the said action of it's officer in signing the pleadings. Such ratification can be express or implied. The Court can, on the basis of the evidence on record, and after taking all the circumstances of the case, especially with regard to the conduct of the trial, come to the conclusion that the corporation had ratified the act of signing of the pleading by its officer. 13. Heard the submissions made by the Learned Counsel/Authorized Representative for b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... knowledgement of present subsisting liability, made in writing in respect of any right claimed by the opposite party and signed by the party against whom the right is claimed, has the effect of commencing of a fresh period of limitation, from the date on which the acknowledgment is signed. However, the acknowledgment must be made before the period of limitation expires . 17. In view of the above observations, this Bench is inclined to admit this Application as the Applicant has made out a case and also satisfied this Adjudicating Authority for admitting this Application. It is also proved that there is a debt due and payable by the Corporate Debtor in respect to the Invoice No. 868 dated 09.10.2014 and Invoice No. 1000 dated 11.11.2014 and Invoice No. 1157 dated 09.12.2014 and they have defaulted in making a payment and respective invoices, the Corporate Debtor has confirmed their account ledger outstanding balance for the Financial Years 2016-2017, 2017-2018 and 2018-2019. The rate of interest is not expressly mentioned in the invoice. Hence the applicant is not entitled to interest at the rate of 36% per annum. As per confirmation of Balance dated 01.04.2019, the Corporate D ..... X X X X Extracts X X X X X X X X Extracts X X X X
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