9911796707
TMI Blog2021 (3) TMI 1277X X X X Extracts X X X X X X X X Extracts X X X X ..... the rate of 18%. The petitioner states that the petitioner supplied Mono Cartoons and Labels to the Corporate Debtor and raised invoices (as stated in Page No. 43 of the application) for the period 19.05.2015 to 09.12.2016. The total 17 no. of invoices were raised by the petitioner. The petitioner is claiming this amount due and payable. The proprietary concern of the petitioner has also issued demand notice under Section 8 of the IBC dated 23.02.2019. This application for initiation of CIRP against the Corporate Debtor was filed on 18.11.2019. Ld. Counsel for the petitioner submits that the entire account between the Corporate Debtor and the petitioner was running account. Hence, out of various supplies made by the petitioner, the said 17 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... No. 43, which are from 19.05.2015 onwards, are clearly time barred. The only invoice which is within the period of limitation as per the date of application, is the last invoices dated 09.12.2016 claiming the amount of Rs. 33,660/- (Rs. Thirty-three thousand six hundred and sixty only). The Ld. Counsel for the petitioner submits that the last payments towards these invoices were received on 17.05.2017. On 17.05.2017 the Corporate Debtor paid a sum of Rs. 2,00,000/- (Two Lakh). However, at the time of arguments also the Ld. Counsel for the petitioner states that the said Rupees two lakh payment received from the Corporate Debtor is not towards the outstanding in of those 17 invoices referred to and filed along with the application. The Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ated. As per the judgement of the Hon'ble High Court and Hon'ble NCLAT this application ought to have been filed within the period of three years from the date of default of invoices. Ld. Counsel for the respondent state that the statutory pecuniary jurisdiction of NCLT has been raised from Rupees One Lakh to Rupees One Crore and in this context also the application is not maintainable. However, this point is declined. The application was filed much before the pecuniary jurisdiction of the NCLT was raised to One Crore. At the given point of time when application was filed on 18.11.2019, any debt due and payable above Rs. 1,00,000/- (One Lakh) under Section 7, 9 and 10, this adjudicating authority had jurisdiction to adjudicate. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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