AI Drafter 
TaxTMI 
TaxTMI 
2020 (1) TMI 345
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....nha for initiation of Corporate Insolvency Resolution Process against the Respondent/ Corporate debtor company M/s Cosmos Infraestate Private Limited. 2. The Applicant "Mrs. Neetu Sinha " is a housewife residing at D-21, Delta-1, Greater Noida, Gautam Budh Nagar, Uttar Pradesh with Date of Incorporation 05/03/1981 Identification Number 228694455952. Sulabh Jain & Associates through Sulabh Jain, has been authorised to file this application on behalf of Financial Creditor. (The Power of Attorney is annexed as Annexure - A-3 of the application). 3. The Respondent M/s Cosmos Infraestate Private Limited, incorporated on 03/06/2008 (Having its Registered Office at, 2/100, Vijayant Khand, Gomti Nagar Lucknow, Uttarpradesh-226910. CIN U45400U....
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....egligently and deficiently delayed the ( construction without having any justification or reasons beyond its control and also neglected/failed to deliver the physical possession of the flat within the stipulated time as agreed under the spirit terms and conditions of the Agreement, and also neglected to develop the flat which was booked in conformity with the agreed terms, relaying upon which flat was booked by the Applicant. v. It is further submitted that the payment of Rs. 3,61,512/- is made to the respondent for the above said flat within the specified time period and the Corporate Debtor further demanded for balance amount without replying about the status of the project operation. vi. It is also stated in the applica....
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....ion). iii. The Cancellation notice by the Corporate Debtor without any date or reference No. (Anexed as Annexure A-6 of the application.) iv. The Copy of cheques issued by the Corporate Debtor (Annexed as annexure A-7 of the Application.) v. The copy of reply made by the Applicant to the Corporate Debtor in respect of cancellation letter issued by the Corporate Debtor, dated 12th July 2013, (Annexed as Annexure A-9 of the Application.) vi. The statement showing computation of amount of debt is Rs. 3,61,512/- (Rupees Three Lakh Sixty One Thousand and Five Hundred Twelve only), the total amount claimed to be in default is Rs. 23,22,766 (Rupees Twenty Three Lakh Twenty Two Thousand Seven Hundred And Sixty Si....
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....ate Debtor and the total amount as per the Schedule shown is Rs. 3,61,512. 9. I further find that in Part IV at Column No.2, the applicant mentioned the date of default and according to that, date of default is 10th July,2013, the day when he received the letter of cancellation and it is also mentioned that the applicant received the Xerox copy of the cheque of Rs. 3,61,512/- by the Corporate Debtor on 25th July.2013. 10. I further find, the applicant claim chat the application is covered with Article 65 of the Limitation Act ,1963 and according to Article 65 of the Limitation Act, it is within 12 years and on the basis of that the applicant claims that his debt is within time prescribed under the law. At this juncture, I would like t....
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....the applicant on 10th July, 2013, by the Corporate Debtor. And subsequently on 25th July, 2013, the corporate debtor a)so sent the applicant the Xerox copy of the cheque of Rs. 3,61,512 and from column 2 of Part IV this adjudicating authority find that the total amount of default is of Rs. 26,84,277. 12. Therefore, in my opinion, the applicant is not claiming the possession or title over the immovable property rather she is claiming the amount, which she has paid along with the interest and compensation. Hence in my opinion, the case of the applicant comes under Article 137 of the Limitation Act ,1963 and not under Article 65 of the aforesaid mentioned Act as claimed by the applicant in his application. 13. Now, coming to the next sub....
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....n or not. As I have already referred the averment made in Form I submitted by the applicant and specially Form I Part IV which relates to "Particulars of Financial Debt" in which the applicant specifically mentioned the date of default is on 10th July, 2013 and 25th July, 2013 when he received the Xerox copy of the cheque of Rs. 3,61,512.1 have again gone through Form 1 submitted by the applicant and on careful consideration of the same, I find, nowhere it is mentioned in Form 1, that the said amount was subsequently acknowledged. Since there is no acknowledgement of debt, so, in my opinion, in view of Article 137 of The Limitation Act, 1963, the limitation shall run when right to apply accrues. Therefore, the facts of the case in hand is d....