2019 (12) TMI 187

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....ith Sections 13, 14 & 33 and other applicable provisions of the Insolvency & Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process against the Corporate Debtor/Respondent company i.e. Sahara Prime City Ltd. 3. The brief facts of the case are stated as under :- a. The present petition is filed by Mr. Sumit Bhattacharya as an Operational Creditor/Petitioner/Applicant who had joined the corporate debtor company i.e. Sahara Prime City Limited incorporated on 9th March, 1993, under the Indian Companies Act, 1956, having Corporate Identification No.U65921UP1993PLC015170 and registered address at Sahara India Centre, III Floor, 2-Kapurthala Complex, Aliganj, Lucknow, 226 024, as Head (Planning)- East Zone, De....

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....only Rs. 2,10,196/- has been paid to the petitioner and such payment is reflected in the bank statement of accounts of the petitioner being saving bank account no.035501000697. Copy of bank statement of saving bank account is annexed as Annexure P-4. f. Thereafter, after waiting for appropriate action on part of the respondent company the petitioner sent second and last notice to the respondent company on 20.11.2-018, seeking redressal of his grievance and payment of arrears of salary since September, 2014 to May, 2015, which amounts to Rs. 1,21,250/- X 10 = 12,12,500/- and perks for a period of September, 2014 to June, 2016 of Rs. 36,750/- X 10 = 3,67,500/- but the respondent had not paid the aforesaid amount till date. g....

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....art - IV Column No.2, that the applicant/operational creditor has claimed Rs. 12,49,250/- which accrues from total salary from the period of September, 2014 to May, 2015. 7. At this juncture, I would like to refer the relevant para of the judgment of Hon'ble Supreme Court in B.K. Educational Services (P.) Ltd. v. Paras Gupta & Associates [2018] 98 taxmann.com 213/150 SCL 293, which is as under :- 48. It is thus clear that since the Limitation Act is applicable to applications filed under Sections 7 and 9 of the Code from the inception of the Code, Article 137 of the Limitation Act gets attracted. "The right to sue", therefore, accrues when a default occurs. If the default has occurred over three years prior to the date of fi....