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TMI Blog2022 (2) TMI 671X X X X Extracts X X X X X X X X Extracts X X X X ..... h is beyond three years from the date of acknowledgement of debt. The contention of the Operational Creditor that the amount of ₹ 3,50,000/- was paid on 28.05.2019 by the Corporate Debtor, which extends the period of limitation for filing and adjudication in the present petition does not sustain. The Limitation Act, 1963 is applicable in the petition filed under Section 7 or 9 under IB Code, 2016, and that the petition should be under the period of three years from the date of default. Limitation is extends under Section 18 and Section 19 of the Limitation Act, 1963 only in case of acknowledgment or payment or part payment made within three years from the date of default. The payment of ₹ 3,50,0000- made by the Corporate Debtor on 28.05.2019 to the Operational Creditor is beyond the prescribed period of limitation. Section 19 of Limitation Act, 1963 states that the period of limitation shall be computed from the date of payment in case the payment of debt or interest is made before the expiry of the prescribed period. Sub-section (j) of Section 2 of the Limitation Act, 1963 states that the period of limitation means period of limitation prescribe for any suit or ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The due date for payment of each invoice was the day on which the invoice has issued. 3. The Operational Creditor submitted that the Corporate Debtor kept placing the orders of goods to the Operational Creditor, and Operational Creditor supplied the goods as per the orders of the Corporate Debtor. The Corporate Debtor made the payment of ₹ 1,23,77,509/- (Rupees One Crore Twenty Three Lakh Seventy Seven Thousand Five Hundred and Nine Only) towards various old invoices during the period of 17.04.2010 to 07.10.2015. The amount of ₹ 1,47,39,391/- (Rupees One Crore Forty Seven Lakh Thirty Nine Thousand Three Hundred and Ninety One Only) including interest as on 30.11.2018 is pending. The said amount is due against 21 (Twenty-One) invoices raised by the Operational Creditor, the principal amount of debt is ₹ 36,10,953/- (Rupees Thirty Six Lakh Ten Thousand Nine Hundred and Fifty Three Only). 4. The Operational Creditor further submitted that the Corporate Debtor confirmed the amount of ₹ 50,00,000/- (Rupees Fifty Lakhs Only) as a default amount as on 01.04.2014. The Operational Creditor also stated that the Corporate debtor had paid an amount of ₹ 3, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orate Debtor further contended that no such payment confirmation was made by the Corporate Debtor for the amount of ₹ 50,00,000/- (Rupees Fifty Lakh Only). The Corporate Debtor has stated that the amount of ₹ 3,50,000/- (Rupees Three Lakh Fifty Thousand Only) was paid to the Operational Creditor against the compromise of criminal complaint No. 906 of 2016 filed by the Operational Creditor under the Negotiable Instrument Act, 1881 before the Court of Judicial Magistrate Kadi and not in lieu of the alleged default amount. 9. We have heard learned counsels for the Operational Creditor and Corporate Debtor and have gone through the record. It is an undisputed fact that the goods were supplied to the Corporate Debtor and invoices were raised against the Corporate Debtor. It is also noted that the Corporate Debtor has confirmed the balance amount of ₹ 50,00,000/- (Rupees Fifty Lakh Only). It is also noted that the amount of ₹ 3,50,000/- (Rupees Three Lakh Fifty Thousand Only) has been paid by the Corporate Debtor on 28.05.2019. Though, the Corporate Debtor has contended that no such cogent evidence on record has been produced by the Operational Creditor before ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (b) the word signed means signed either personally or by an agent duly authorised in this behalf; and (c) an application for the execution of a decree or order shall not be deemed to be an application in respect of any property or right. 19. Effect of payment on account of debt or of interest on legacy-- Where payment on account of a debt or of interest on a legacy is made before the expiration of the prescribed period by the person liable to pay the debt or legacy or by his agent duly authorised in this behalf a fresh period of limitation shall be computed from the time when the payment was made: Provided that, save in the case of payment of interest made before the 1st day of January, 1928, an acknowledgment of the payment appears in the handwriting of, or in a writing signed by, the person making the payment. Explanation - For the purposes of this section,- (a) where mortgaged land is in the possession of the mortgagee, the receipt of the rent or produce of such land shall be deemed to be a payment; (b) debt does not include money payable under a decree or order of a court. 11. In view of aforesaid provisions, the payment of ₹ 3,50 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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