2022 (3) TMI 811

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.... For the Appellant : V. Hallel Ben and A.K. Muhammed Hashim, Advocates ORDER Ashok Kumar Borah, Member (J) 1. This application has been filed by M/s. BMSS Steel Industries Private Limited (hereinafter referred to as 'Operational Creditor') under Section 9 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as the 'I & B Code') for initiating Insolvency ....

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....satisfaction and had built good business relationship with them. The Corporate Debtor expressed desire to purchase Alloy Steel Forged Bars from Operational Creditor with payment condition to make within 30 days. The orders were placed for EN 24 Steel Rounds and EN 8 Steel Rounds vide Purchase Order No. 6462 dated 19.04.2017 which also stipulates payment terms as 30 days credit and the said items w....

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.... it was in the process of a management change from Central PSU to state owned PSU. This process was to be completed within 2-3 months. In the said meeting the Operational Creditor was assured of the payment of dues within 3 months. But the above promise was not kept by the Corporate Debtor. Therefore, the present application has been filed by the Operational Creditor to initiate Corporate Insolven....

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....021 which is beyond three years from that dates is barred by limitation as the three-year period expired long back. 6. To get further clarity on this issue, we have gone through Article 137 of the Limitation Act, 1963 which reads thus:- Article 137 is a residual provision, and provides for a limitation period for any application for which no period of limitation is provided in any of t....