2020 (1) TMI 1284

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....and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as "the Rules"). 2. That the applicant/financial creditor State Bank of India is a body corporate constituted under a special enactment called State bank of India Act, 1955 and no identification number is allotted under Companies Act, 1956/2013, having its Registered office at Central Office at Madame Cama Road, Nariman Point, Mumbai -400021. 3. The respondent/corporate debtor M/s. Kakhani Metal Private Limited is a company incorporated under the Companies Act, 1956 on 30.06.2008, having identification No. U28112GJ2008PTC054346, having its registered office at 304, Neelkanth Plaza, Opp. Police Commissioner Office, Shahibaug, Ahmedabad. That, the Au....

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....SI Act on 04.08.2015. 9. It is pertinent to mention here that after 04.08.2015 no action whatsoever has been taken by the applicant to recover the alleged debt. 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 the debt which is claimed by the applicant through this petition is a time barred debt in as much as the last transaction i.e. "counter guarantee" took place on 26.03.2014 and the instant application is filed on 6th June, 2018, much after completion of three years. 10. On perusal of the record it is ob....

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....d on 2nd September, 2019 again held that Article 137 of the Limitation Act is applicable to Section 7 of the I & B Code and the intent of the I & B Code is not to give a new lease of life to debts which are already time barred. 13. In the instant case the applicant has filed the application under Section 7 of the I & B Code on 6th June, 2018 after three years from the date of accrual of cause of action i.e. 26.03.2014. Thus, the application filed under Section 7 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 acknowledgem....