9911796707
TMI Blog2020 (9) TMI 1230X X X X Extracts X X X X X X X X Extracts X X X X ..... eet for the Financial Year 2016-17, which ended on 31.03.2017 acknowledged that amount therefore, from that period the debt is not barred by limitation and in support of its contention, the petitioner has not placed any law before us that the amount mentioned in the balance sheet comes under the definition of acknowledgement of debt under Section 18 of the Limitation Act. In view of Section 18 of the Limitation Act, there must be any acknowledgement in writing and signed by the person by the borrower or any person authorised on his behalf, the statement made in the balance sheet, in our considered view does not comes under the purview of Section 18 of the Limitation Act, therefore, on this ground, petitioner is not entitled to take the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esent petition has been filed under Section 7 of the Insolvency Bankruptcy Code, 2016, (hereinafter referred to as the Code ), praying for initiation of Corporate Insolvency Resolution Process of the Respondent/Corporate Debtor on grounds of its inability to liquidate its financial debt. 2. The facts mentioned in the application in brief are as follows: i. As per averments made in the petition, in 2014, the Corporate Debtor approached the applicant seeking a loan of ₹ 1,30,00,000/- ( principal amount ) on the promise that the principal amount would carry an interest of 12% per annum and the Corporate Debtor would pay back the principal amount along with the applicable interest, on demand by the applicant. Accordingly, the Fin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /- RTGS - iv. Subsequently, on communication dated 09.08.2019 and 20.09.2019, the applicant has followed up with the Corporate Debtor for confirmation of accounts between the parties which was gone unanswered. Further, communication dated 16.01.2020 and a legal notice dated 31.01.2020 seeking repayment have also gone unanswered. v. The Financial Creditor is in default to the applicant as regards the financial debt availed by it. The Corporate Debtor has in its balance sheet for the FY 2016-17 admitted that an amount of ₹ 39,00,000/- is due and payable to the Corporate Debtor as at 31.03.2017 being a short term borrowing . Therefore, the financial debt of ₹ 39,00,000 /- is due an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties but no reply has been given by the Corporate Debtor then a legal notice was sent to the Corporate Debtor on 31.01.2020. 8. He further submitted that the Corporate Debtors in its balance sheet for the Financial Year 2016-17 admitted that an amount of ₹ 39 lakhs is due and payable to the Corporate Debtor on 31.03.2017 as a short term borrowing, therefore, that payment is due and payable to the applicant by the Corporate Debtor. He further submitted that the date of default is 31.03.2017 9. Now, in the light of submissions raised on behalf of petitioner, we would like to examine it that the amount which has been given by the petitioner comes under the definition of Financial Debt or not and the present application is within th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rment made in the petition that last payment was made by the petitioner on 18.06.2014 and as per the petitioner s claim he received the last payment from the Corporate Debtor on 15.03.2016 and thereafter, no payment was made and no reply was given in response to the notice sent by the petitioner to the Corporate Debtor and when we shall calculate the limitation from the date of demand of payment of amount then firstly the amount was demanded by the petitioner on 11.06.2015, the day on which ₹ 10 lakhs was paid to the petitioner, therefore, the date of default is 11.06.2015 and the last payment was received on 15.03.2016, hence, the petitioner was required to file application if any within 3 years from 11.06.2015 which comes to end on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y liability in respect of any lease or hire purchase contract which is deemed as a finance or capital lease under the Indian Accounting Standards or such other accounting standards as may be prescribed; (e) receivables sold or discounted other than any receivables sold on nonrecourse basis; (f) any amount raised under any other transaction, including any forward sale or purchase agreement, having the commercial effect of a borrowing; (g) any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price and for calculating the value of any derivative transaction, only the market value of such transaction shall be taken into account; (h) any counter-indemnity ..... X X X X Extracts X X X X X X X X Extracts X X X X
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