2020 (1) TMI 1247

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....lvency and Bankruptcy Code, 2016 [hereinafter referred to as "the Code"] read with Rule 6 of The Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 [hereinafter referred to as "the Rules"], as operational creditor/applicant. 2. The applicant/operational creditor is a sole proprietorship firm located at Bangalore. 3. The respondent/corporate debtor is a private limited company incorporated on 08.03.1995 having identification No. U45201GJ1995PC024916 and having registered office at Navrangpura, Ahmedabad, Gujarat State. 4. The applicant/operational creditor company is engaged in the business of supply of glazing systems, aluminium ventilators, aluminium sliding windows, aluminium fixed windows etc, 5. Th....

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....ant sent form 3 & 4 demand notice under section 8 of the I&B Code on 09.03.2018. 10. It is pertinent to mention here that prior to 09.03.2018 no action whatsoever has been taken by the applicant to recover the alleged debt and as on 09.03.2018, almost more than six years of time has been lapsed. According to part II of first division of schedule given under the Limitation Act, 1963 a debt is deemed time barred if the lender or the supplier of goods and services does not recover the money or does not take legal action within three years from the due date. In the instant case more than 6 years has been elapsed from the due date, i.e. 10.08.2018 therefore, the debt which is claimed by the applicant through this petition is a time barred deb....

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....om the date of accrual of cause of action. Thus, the application filed under Section 9 of I&B Code is apparently time barred. 14. At this juncture it is desirable to refer Section 18 of the Limitation Act, 1963 which stipulates that "where, before the expiration of the prescribed period for a suit or application in respect of any property or right, an acknowledgement of liability in respect of such property or right has been made in writing signed by the party against whom such property or right is claimed, or by any person through whom he denies his title or liability, a fresh period of limitation shall be computed from the time when the acknowledgement was signed." 15. In the case on hand no acknowledgement was made by the corporate....