9911796707
TMI Blog2022 (3) TMI 811X X X X Extracts X X X X X X X X Extracts X X X X ..... barred by limitation as the three-year period expired long back. Moreover, in view of the Notification No. 1205(E) dated 24.03.2020 issued by the Ministry of Corporate Affairs specifying Rupees One Crore as the minimum amount of default and that this application has been filed on 18.06.2021 claiming the due amount of ₹ 5,22,852.25/-, on that count also this application is not maintainable. The amount had fallen in default as on 14.07.2017 and 31.08.2017 and the demand notice served only on 06.12.2019. There was a huge delay in sending the demand notice to the Corporate Debtor and the Operational Creditor did not mention any valid reason for that delay, and this application has been filed claiming the due amount of ₹ 5,22,8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... supplying the goods to the Corporate Debtor for the last two years to their satisfaction and had built good business relationship with them. The Corporate Debtor expressed desire to purchase Alloy Steel Forged Bars from Operational Creditor with payment condition to make within 30 days. The orders were placed for EN 24 Steel Rounds and EN 8 Steel Rounds vide Purchase Order No. 6462 dated 19.04.2017 which also stipulates payment terms as 30 days credit and the said items were supplied by the Operational Creditor to the satisfaction of the Corporate Debtor vide Invoice No. 00419 dated 14.06.2017 and Invoice No. 0108 dated 01.08.2017. Invoice No. 00419 was for a sum of ₹ 1,63,028/- and Invoice No. 0108 was for a sum of ₹ 2,70,810/- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 05.08.2020 is maintainable or not? 5. In the Part IV of the application, it is stated that the defaults were occurred as on 14.07.2017 and 31.08.2017. If we take these dates as the last invoice dates this application was filed on 28.06.2021 which is beyond three years from that dates is barred by limitation as the three-year period expired long back. 6. To get further clarity on this issue, we have gone through Article 137 of the Limitation Act, 1963 which reads thus:- Article 137 is a residual provision, and provides for a limitation period for any application for which no period of limitation is provided in any of the Articles in the Schedule to the Limitation Act. It provides for a period of limitation of 3 years from the da ..... X X X X Extracts X X X X X X X X Extracts X X X X
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