TaxTMI 
TaxTMI 
2020 (9) TMI 888
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....present petitions under Section 9. 2. We have heard the learned counsel appearing for the applicant as well as learned counsel appearing for the respondents. 3. Learned counsel appearing for the applicant, in course of his argument submitted that the applicant has filed an application under Section 9 for the outstanding amount of Rs/- 37,02,761 alongwith the interest at the rate of 24 per cent per annum till date of payment, concluded from the respective due dates of the invoice and when the matter was listed during the hearing the petitioner was directed to substantiate on the point of limitations, accordingly, the present petition is filed under Section 5 of the Limitation Act. 4. She further submitted that originally the operational-c....
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....he delay under Section 14 of the Limitation Act. 10. On the other hand, learned counsel appearing for the corporate-debtor submitted that the present application is barred by limitations and if delay is condoned then he may be permitted to file the reply. She placed the reliance upon a decision reported in (2019) 10 Supreme Court Cases 750. 11. In the light of submissions raised on behalf of the parties. We have gone through the averments made in the application as well as the application filed under Section 5 of the Limitation Act. The applicant has filed an application under Section 9 of the IB Court, which is registered as CP(303) 2020 and in part 4 of the application at page 12 the application mentioned the default period is from Apri....
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.... of receiving the payment is made in the applications but during the course of argument learned counsel appearing for the applicant submitted that the last payment was made on 12th July 2012. If we placed reliance on this contention, we are of the view that right to apply accrues on 12th July 2012, when the last payment was made, and in view of Article 137 the application is required to file an applications within three years when the right to apply accrue therefore, in our view the limitations runs from 12th July 2012. 16. At this juncture, we would like to refer argument advanced on behalf of learned counsel appearing for the applicant, who in course of his argument submitted that although no specific date is mentioned, when the Company ....
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....od of three years comes to an end, and if we shall exclude the period spent during that proceeding under Section 14(2) of the Limitation Act, then, the applicant was required to file the present applications on 20th November 2018 that is on the next date of disposal of the company petition by the Hon'ble Allahabad High Court. But the same is filed on 16.01.2020, therefore, we are of the considered view that even we shall exclude the period spent by the petitioner in the legal proceeding before the Hon'ble Allahabad High Court from 10th July 2015 to 19th November 2018, the present petition is barred by limitation. 18. At this juncture, we would also like to refer the contention of learned counsel appearing for the applicant that the....