TaxTMI 
TaxTMI 
2019 (11) TMI 1490
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....te Insolvency Resolution Process (CIRP) against Jai International Private Limited ("the Corporate Debtor"). 2. The Corporate Debtor is a private company limited by shares and incorporated on 13.04.2000 under the Companies Act, 1956, with the Registrar of Companies (RoC), Maharashtra, Mumbai. Its CIN is U51900MH2000PTC125864. Its registered office is at No. 3105, Grandeur Tower, Near Magathane Telephone Exchange, Borivali (East), Mumbai 400066. Therefore, this Bench has jurisdiction to deal with this petition. 3. The present petition was filed on 30.04.2019 before this Adjudicating Authority on the ground that the Corporate Debtor failed to make payment of a sum of Rs. 7,50,77,317.00 (Rupees seven crore fifty lakh seventy-seven thousan....
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....he Petition. 7. The Operational Creditor had served a Demand Notice in Form 3 dated 06.04.2019 to the Corporate Debtor (Exhibit 'A', pp. 17-63) in terms of section 8 of the IBC. The Corporate Debtor has sent a reply dated 16.03.2019 wherein they have inter alia raised the objection that the alleged of Rs. 7,50,77,217/- is not an "operational debt" or any other kind of debt. They have also contended that the purported MoU dated 21.08.2013 is invalid, non-est and void ab initio, since they have not authorised anyone to enter into the purported MoU. The reply has been annexed at Exhibit 'B' at pp. 64-66 of the Petition. 8. Mr. Tejas Deshpande, Advocate, appeared on behalf of the Corporate Debtor and made his submissions. ....
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....nding debit to the consultant and his family members as on 31.07.2013 in the books of the Corporate Debtor. Clause 3 of the MoU at p.30 states that the said sum will carry interest @ bank deposit rate with effect from 01.8.2013 till the sum is actually paid. Issues: 12. The issues that arise for determination are the following: - (a) Whether the MoU is a validly executed contract binding the Corporate Debtor? (b) If so, whether the amount claimed under the MoU can be held to satisfy the definition of "Operational Debt" given in section 2(21) of the IBC? (c) In the event that the definition of "Operational Debt" is satisfied, whether the claim itself is hit by limitation? Issue No. 1 - Whether the MoU bind....
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....he MoU itself says that the payment is due from 01.08.2013. Therefore, the question of limitation has to be considered. 17. The Hon'ble Supreme Court, in the matter of B.K. Educational Services Private Limited vs. Parag Gupta & Associates [2018 (14) SCALE 482], decided on 11.10.2018, has clearly laid down in para 27 as follows: - "27. It is thus clear that since the Limitation Act is applicable to applications filed under sections 7 and 9 of the Code from the inception of the Code, Article 137 of the Limitation Act gets attracted. "The right to sue," therefore, accrues when a default occurs. If the default has occurred over three years prior to the date of filing of the application, the application would be barred under Arti....