TaxTMI 
TaxTMI 
2019 (10) TMI 1271
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.... placed by the Corporate Debtor during the Financial year 2014-15. Total supplies were made to the extent of Rs. 5,56,36,053/- against which Corporate Debtor paid a sum of Rs. 5, 13, 10,000/- and there were agreed deduction to the tune of Rs. 12,43,281/- resulting into balance unpaid amount, hence, this Petition. 3. The Ld. Company Secretary, appearing on behalf of the Operational Creditor narrated these facts. She drew our attention to relevant details / documents of the Petition. She drew our attention to an e-mail received from the Corporate Debtor on April 19, 2016 containing attachment of statement of account for the Financial Year 2014-15 showing the outstanding sum as per this statement. She further drew our attention to page No. 56 to show that as on 31 st March, 2016, the same amount was shown outstanding in the books of Account of the Corporate Debtor. Based upon the said e-mail, it was emphatically argued that was confirmation of debt, hence, limitation period was to be counted from this date and in that event, the debt was not barred by limitation. She also submitted that notice under Section 8 had been duly served and reply to that notice was also given by the Corpora....
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....res in case of an electronic message. As stated that both these conditions were not met, hence, the claim made by the Operational Creditor was barred by limitation. 6. In the rejoinder, the Ld. Company Secretary again emphasized on the facts and claimed that e-mail dated 19th April, 2016 was to be construed as acknowledgment of debt. Hence, the claim of the Operational Creditor was not barred by limitation. 7. We have considered the submissions made by both the sides and have also perused the materials on record. 8. It is not in dispute that the Operational Creditor has supplied material during the Financial Year 2014-15. It is also not in dispute that there were agreed deduction out of the bills raised by the Operational Creditor to the tune of Rs. resulting into impugned sum remaining unpaid. It is also noteworthy that thereafter there have been no supplies or payment by the respective parties. As far as Corporate Debtor is concerned the main plea is that the debt is barred by limitation. For this purpose, the e-mail dated 19 th April, 2016 has been claimed as not a proper acknowledgment of debt under Section 18 of Limitation Act, 1963. It has been claimed so for the reason th....
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....such e-mail can be construed as acknowledgement of debt as it has been claimed that such mail has not been addressed to the Operational Creditor. From the perusal of the explanation (a) above, it is clear that the claim of the Corporate Debtor is not valid because such explanation clearly states that a communication may be addressed to a person other than a person related to the property or right. The Corporate Debtor has also not been able to produce any record to show that such person was not authorized to send such e-mail. Though such claim has been made, the e-mail ID contains particulars of the Corporate Debtor, hence, it cannot be said that e-mail has not been sent for and on behalf of the Corporate Debtor. Another aspect which needs to be considered is that though said e-mail to statement of account has only been sent and no other facts have been mentioned, hence, can it be said to be an acknowledgement of debt. This question again leads us to explanation (a) above wherein it has been stated that an acknowledgement may be sufficient though it omits to specify exact nature of property or right. 10. Now, it has to be seen that whether decision of the Hon ble Calcutta High Cou....
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....es referred to in Section 14 of the, Insolvency & Bankruptcy Code, 20 Iq, The IRP shall cause a public announcement of the initiation of Corporate Insolvency Resolution Process and call for the subrnission of claims under Section 15. The public announcement referred to in clause (b) of sub-section (1) of Section 15 of Insolvency & Bankruptcy Code, 2016 shall be made immediately. iv. Moratorium under Section 14 of the Insolvency & Bankruptcy Code, 2016 prohibits the following: a) The institution of suits or continuation of pending suits or proceedings against the corporate debtor including execution of any judgment, decree or order in any court of law, tribunal, arbitration panel or other authority; b) Transferring, encumbering, alienating or disposing of by the corporate debtor any of its assets or any legal right or beneficial interest therein; c) Any action to foreclose, recover or enforce any security interest created by the corporate debtor in respect of its property including any action under the Securitization and Reconstruction of Operational Assets and Enforcement of Security Interest Act, 2002 (54 of 2002); d) The recovery of any property by an owner or lessor wh....