TaxTMI 
TaxTMI 
2024 (12) TMI 1199
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....he Impugned Order, as it has been rendered by the NCLT, Bangalore Bench in CP(IB) No. 100/BB/2023, being the proceedings which the Appellant has drawn under Section 9 of I&B Code, 2016, as against the Respondent/Corporate Debtor. The aforesaid Company Petition, thus preferred by the Appellant has been dismissed by the Learned Adjudicating Authority, holding it, to be barred by limitation as having been preferred beyond the prescribed period contemplated under law for initiation of the CIRP proceedings. 2. Brief facts, as it engages consideration are that, the Appellant on 17.04.2023, had filed an application under Section 9 of I & B Code, 2016 thereby praying for drawing a CIRP proceedings as, against the Respondent Corporate Debtor, on th....
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....the date of default. It is the contention of the Appellant that in his case, the limitation period is 3 years, or 1095 days, that after deducting 190 days, the balance period of limitation remaining is (1095-190) 905 days and hence as per the order MA 21/2022 is in Suo Moto WP(C) No. 3/2020, the end date of the limitation period will be 905 days from 01.03.2022 and accordingly the limitation period in his case will extend to 22.08.2024. 5. The operative portion of the aforesaid Judgment of the Hon'ble Apex Court, as contained Para 5(I), (II) & (III) are extracted hereunder: - I. The order dated 23.03.2020 is restored and in continuation of the subsequent orders dated 08.03.2021, 27.04.2021 and 23.09.2021, it is directed that the period f....
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....dgment of Hon'ble Apex Court in MA No. 21/2022 in MA No. 665/2021 in Suo Moto Writ Petition (C) No. 3/2020. 8. The determination of period of limitation as it has been sought to be impressed upon by the Counsel for Appellant, in which he is attempting to compute the end date of the limitation period by adding 905 days from 01.03.2022 on the premises that 905 days is the actual balance period of limitation remaining is absolutely a misconceived notion because the actual balance period of limitation has to be calculated from 01.03.2022. Thus, the plea of the Appellant runs contrary to the observation made by the Hon'ble Apex Court, as contained in Para 5 (III) of the Hon'ble Apex Court Judgment. Therefore, as the Company Petition was filed o....