9911796707
TMI Blog2022 (2) TMI 1406X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019 but for filing Application under Section 7, Application has to be within three years from the date when right to apply accrues. When default of a financial debt was committed on 24.10.2010 as claimed by the Appellant, the right to apply accrue to him and no other date of default having been given in Part-IV, the limitation shall not stop running merely because Appellant claims that he has not been given possession of the shops. The Application was thus clearly barred by time and could not have been entertained by the Adjudicating Authority. The Application having been filed beyond three years from the date when right to apply accrues, the same deserves to be rejected. Thus, on the complaint filed by the Appellant, an order has been ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... following effect:- Part-IV PARTICULAR OF FINANCIAL DEBT 1. TOTAL AMOUNT OF DEBT GRANTED DATE(S) OF DISBURSEMENT Rs.87,38,000/- deposited towards the cost of the shops acknowledged through Buyers Agreement dated 24.02.2009 + Intt. Rs. 32496260/- in Aggregate. 2. AMOUNT CLAIMED TO BE IN DEFAULT AND THE DATE ON WHICH THE DEFAULT OCCURRED (ATTACH THE WORKINGS FOR COMPUTATION OF AMOUNT AND DAYS OF DEFAULT IN TABULAR FORM) As per the Agreement dated 24.02.2009. The Financial Creditor was to get the possession of the property within 12 months from the date of signing the BA i.e. 24.0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provided in law, be it complaint filed under Real Estate Regulatory Authority or under IBC. We in the present case are concerned with the Application filed by the Appellant under Section 7 of the IBC. In Part-IV of the Application which we have already extracted above, the Appellant himself has shown the date of default as 24.10.2010. The limitation for filing an Application under Section 7 is provided under Article 137 of the Limitation Act which is to the following effect:- Description of application Period of limitation Time from which period begins to run 137. Any other application for which no period of limitation is provided elsewhere in this division ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s any foundation in the Application filed under Section 7 nor there was any pleading that fresh period of limitation shall start from 06.03.2019. Hence, we need not consider the said submission in the present Appeal. 11. As noted above, on the complaint filed by the Appellant, an order has been passed by the UP RERA on 06.03.2019 directing for recovery of amount of Rs. 87,38,000/- along with interest/. The Appellant has already filed Execution Application to execute the order dated 06.03.2019 which as per submission of the counsel for the Appellant has already been allowed on 18.11.2021. 12. In view of the above, we see no reason to interfere with the order passed by the Adjudicating Authority dismissing Section 7 Application filed by ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
