TaxTMI 
TaxTMI 
2019 (6) TMI 847
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.... Authority (National Company Law Tribunal, Mumbai Bench [A.A - in short]) against the Respondent - Kieon Developers Private Limited which came to be rejected on the ground of limitation. 2. The Appellant, in short, claims that it had booked a flat with the Respondent on 16th May, 2012 and paid an amount of Rs. 60 Lakhs and the allotment letter was issued to the Appellant. Subsequently, on 16.07.2012, an MOU (Annexure - D - Page - 42) was executed between the Appellant and Respondent and both the parties cancelled the booking on terms and conditions as laid down in the MOU. The Respondent agreed to pay the Appellant the amount of Rs. 60 Lakhs within 18 months from the date of receipt of the boking amount, i.e. on or before 15th November, 20....
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....nt concerned was barred by limitation. The date of default was stated to be 21.07.2017 which was date of the written statement in the Suit. The Adjudicating Authority observed that written statement filed in the Suit did not amount to acknowledgement of the debt and could not reset the limitation. Consequently, the Application was rejected. 4. In the Appeal before us, the Appellant has canvassed its case as mentioned above and the Respondent - Corporate Debtor has (in Affidavit in Reply filed) reiterated the contentions as were raised before the Adjudicating Authority and insisted that considering the dates of the MOU and the amount concerned, debt was barred by limitation and thus, the Adjudicating Authority rightly rejected the Applicati....
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....e six monthly payment as per clause 1 herein is not paid to the Party of the First Part. 3. It is clarified that in case of the failure of the Party of the First Part to refund the booking amount on or before 15th November 2013, the allotment of the said flat to the Party of the Second Part shall stand confirmed and the Party of the Second Part may make the balance payment as per the allotment letter and register the same in his or his nominee's favour. It is further clarified that the Party of the First Part shall not ask for any sums of moneys as transfer for registering the document in the name of the nominee of the Party of the First Part." It appears that the Appellant received some amounts which now Appellant classifies as towards ....