9911796707
TMI Blog2020 (3) TMI 1384X X X X Extracts X X X X X X X X Extracts X X X X ..... gment for the purpose of section 18 of the Limitation Act, 1963, the last noting is dated 02.12.2010. If the limitation is calculated on the basis of the said date, the limitation stopped running on 01.12.2013. Apart from the said office notings no other document has been filed that acknowledges the debt within the period of limitation - the challenge against the Arbitral Award cannot be considered to having saved the limitation period for the Financial Creditor. The Operational Creditor has filed office notings of the Corproate Debtor as well as a cheque that was issued in 2016, The Operational Creditor has failed to show that there is a continuous chain of events without violating the provisions of the Limitation Act, 1963. The Hon ble ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erred to as CIRP ] against M/S Jharkhand Urja Sancharan Nigam Limited- the Corporate Debtor on the basis of an arbitration award passed in favour of the Operational Creditor on 14.02.2008, claiming an amount of ₹ 32,06,54,395.75/-. 2. It is submitted by the Operational Creditor that the arbitration award was passed after disputes arose due to delayed payment on part of the Corporate Debtor and in terms of the work agreements, the dispute was referred to arbitration and the sole arbitrator passed an award in favour of the Operational Creditor on 14.02.2008. The Operational Creditor raised a bill on the basis of the award on 02.05.2008. It is further stated that the Corporate Debtor had challenged the said award under Section 34 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar 2018 hence the debt was not barred by limitation. 5. The Ld. Counsel further submitted that there is a pre-existing dispute and that the Corporate Debtor has filed Suit No. 435/2019 on 06.06.2019 before the Court of the Civil Judge (Senior Division)-1, Ranchi, the Corporate Debtor has filed a Supplementary affidavit wherein the plaint of the suit has been annexed. 6. On the point of parallel proceedings the Ld. Counsel for the Corporate Debtor has relied on paragraph 9 of an order passed by the Hon ble NCLT, Principal Bench, New Delhi in Deem Roll-Tech Limited vs. R.L. Steel Energy Ltd. [Company Application No. (I1.B.) 24/PB/2017 wherein it is stated: 9. In relation to the decree obtained from the civil court in relation to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BC. 10. With regard to the point of limitation, it is seen that there are internal notings made by the Corporate Debtor in its office files which is being referred to and relied upon as an acknowledgment of debt by the Operational Creditor. Even if the said document is taken as an acknowledgment for the purpose of section 18 of the Limitation Act, 1963, the last noting is dated 02.12.2010. If the limitation is calculated on the basis of the said date, the limitation stopped running on 01.12.2013. Apart from the said office notings no other document has been filed that acknowledges the debt within the period of limitation. The Operational Creditor has further relied on a decree dated 06.10.2018 arising out of the challenge against the Arb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed in 2016, The Operational Creditor has failed to show that there is a continuous chain of events without violating the provisions of the Limitation Act, 1963. The Hon ble Supreme Court of India by an order in B.K. Educational Services Pvt. Ltd. v. Parag Gupta and Associates, MANU/SC/1160/2018 has held that: Av application filed after the IBC came into force in 2016 cannot revive a debt which is no longer due as it is time- barred. The amendment of s. 238A would not serve its object unless it is construed as being retrospective. Otherwise, applications seeking to resurrect time-barred claims would have to be allowed, not being governed by the law of limitation. It is clear from a reference to the Insolvency Law Committee Report of March, 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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