9911796707
TMI Blog2021 (5) TMI 311X X X X Extracts X X X X X X X X Extracts X X X X ..... e delay in filing application on the cause of action. By taking into consideration the facts, this application is hit by the limitation - Application dismissed. - SR No. 1466 of 2019 - - - Dated:- 27-4-2021 - R. Sucharitha, Member (J) And B. Anil Kumar, Member (T) For the Appellant : Dwarakesh Prbhakaran, Advocate ORDER R. Sucharitha, Member (J) 1. It is an Insolvency and Bankruptcy Application (in short IBA ) filed under Section 9 of the Insolvency and Bankruptcy Code, 2016 (in short, IB Code, 2016) r/w Rule 6 of the Insolvency and Bankruptcy (Application of Adjudicating Authority) Rules, 2016 (for brevity, AAA Rules 2016) by M/s. NBC Universal Media Distribution Services Private Limited (hereinafter referred as O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ils of the operational debt as well as the circumstances which led to the default of the operational debt by the Operational Creditor. A perusal of the same posits the fact that the Operational Creditor and Corporate Debtor had entered into two agreements for distribution of motion pictures wherein the Corporate Debtor was the Sub-distributors for the Operational Creditor. The first agreement dated 1st April, 2015 was for distribution of the motion picture Fast and Furious 7 in Andhra Pradesh (1st Agreement). The 2nd Agreement was entered into between the Operational Creditor and Corporate Debtor on 1st June 2015 for distribution of the motion pictures Jurassic World in Andhra Pradesh (2nd Agreement). The term for both the 1st Agreement and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Thereafter, the operational creditor filed application under section 9 of the IBC, 2016 r/w Rule 11 of the AAA Rules, 2016 before this Tribunal on 24.10.2019. 9. Thereafter, the Registry, on the time of scrutiny raised question of maintainability and issued summons on 25.11.2019 to the counsel on record for clarification in respect to the limitation. Thereafter, this application is posted as an unnumbered application for the hearing before this Bench on 23.12.2020. 10. Heard both the parties and perused documents placed before this Adjudicating Authority. We are of the view that the period of limitation prescribed under section 137 of the Limitation Act is 3 years. In the present case, the debit notes raised by the Corporate Debtor is ..... X X X X Extracts X X X X X X X X Extracts X X X X
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