2019 (10) TMI 1531

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....Corporate Insolvency Resolution Process (CIRP). 2. The Application is filed claiming a total default of (`) 10,89,13,983/-(Rupees Ten Crore Eighty Nine Lakh Thirteen Thousand Nine Hundred and Eighty Three Only). 3. The Applicant submitted that it had entered into six sale agreements (hereinafter referred as 'said sale agreements') with the Corporate Debtor between 28.02.2014 to 09.04.2015 for the import and purchase of "Palmolein Oil". The Applicant further submitted that it had paid advance amount to the Corporate Debtor as per the said sale agreements. The copies of the said sale agreements are annexed to the Application. 4. The Applicant submitted that, Corporate Debtor failed to deliver the ordered goods as per the said sale ....

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....s. Parag Gupta and Associates; Civil Appeal No. 23988 of 2017 dated 11.10.2018" wherein it is observed as follows:     "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 Article 137 of the Limitation Act, save and except in those cases where, in the facts of the case, Section 5 of the Limitation Act may be applied to condone the delay in filing such application." (emphasis supplied) The....