9911796707
TMI Blog2021 (12) TMI 1318X X X X Extracts X X X X X X X X Extracts X X X X ..... of Payment i.e., from 31.03.2014, the limitation would have expired on 30.03.2017 - the Applicant has nowhere pleaded in its Application that as to how the Application is to considered within the Limitation Period. Since the Application is not preferred within a period of 03 years from the date of default as well as from the date of part Payment, the present Application, not being filed within the limitation period, is time barred. Application dismissed. - Company petition No. (IB)-2019(ND)/2021 - - - Dated:- 24-12-2021 - SH. ABNI RANJAN KUMAR SINHA, HON'BLE MEMBER (J) AND SH. L. N. GUPTA, HON'BLE MEMBER (T) For the Applicant Sh. Yashish Chandra, Sh. Ramakant Rai and Sh. Kushal Bansal, Advocates For the Responden ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1, this Bench has held the following in respect of the aforesaid issue : 29. Accordingly, we hold that in a situation where an Operational Debt arises out of the provision of goods and services and pursuant to that Invoices are raised, there is no illegality in choosing the Form 3 as provided in Rule of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 for sending the Demand Notice provided that the Unpaid Invoices forming part of the transaction are annexed therewith. Hence, issuance of Demand Notice in Form 3 annexed with invoices by the Operational Creditor in the present case would be in order in terms of the Rules. 6. That the matter was thereafter heard and vide Order dated 10.12.2021, the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 13, 01.11.2013 (collectively referred as Unpaid Invoices ). A copy of the Purchase Order may be referred at Annexure A-1 and the Unpaid Invoices may be referred at Annexure A-3. Date from which the debt fell due: The debt in respect of each Unpaid Invoice fell due on the following dates: S. No. Invoice No. Payment due date 1. 13002001 27.01.2014 2. 13002002 27.01.2014 3. 13002024 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has admitted its claim to the extent Of ₹ 183.55 Lakhs as on 01.03.2014, the scanned copy Of the same is reproduced below : 10. That the Operational Creditor has annexed its Ledger Account as per which the last payment of ₹ 52,69,992/- received on 31.03.2014. The scanned copy of the Ledger is reproduced below : 11. That the Operational Creditor has also provided with the relevant list of dates and events as reproduced below : 12. That from perusal of the aforesaid documents and pleadings, this Bench observes that under IBC Proceedings, the Limitation starts from the date of default. The Limitation Period for filing an Application under IBC, 2016 is 3 years from the date of default. 13. That the l ..... X X X X Extracts X X X X X X X X Extracts X X X X
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