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INDIRA BANERJEE, J. K. MAHESHWARI
Tech Sharp Engineers Pvt. Ltd. – Appellant
Versus
Sanghvi Movers Limited – Respondent
JUDGMENT :
Indira Banerjee, J.
This appeal under Section 62 of the Insolvency and Bankruptcy Code, 2016, hereinafter referred to as the “IBC” is against a judgment and order dated 23rd July 2019 passed by the National Company Law Appellate Tribunal (NCLAT), New Delhi allowing Company Appeal (AT) (Insolvency) No. 118 of 2019 filed by the Respondent and setting aside an order dated 2nd January 2019 passed by the Adjudicating Authority, i.e., the National Company Law Tribunal (NCLT), Chennai whereby the Adjudicating Authority had dismissed an application filed by the Respondent as barred by limitation.
2. Pursuant to an agreement executed by and between the Appellant and the Respondent, the Respondent let out on hire to the Appellant, 150 MT crane for erection of equipment at the site of Indian Oil Corporation Ltd. (IOCL) at Paradip in Odisha. The Respondent/Operational Creditor raised invoices on the Appellant between 3rd January 2012 and 4th March 2013 for a sum of Rs.38,84,709/-.
3. On or about 6th May 2013, the Respondent issued notice to the Appellant for payment of outstanding hire charges. By letter dated 17th May 2013, the Appellant replied to the said notice. Further corresponden
(1) Provisions of Limitation Act are applicable to proceedings under IBC as far as may – Proceedings in good faith in a forum which lacks jurisdiction or is unable to entertain for like nature may sa....
The main legal point established in the judgment is the interpretation of the limitation period for filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, and the applicab....
(1) IBC is not just another statute for recovery of debts – Nor is it a statute which merely prescribes modalities of liquidation of a Corporate body, unable to pay its debts – It is essentially a st....
(1) In computing period of limitation for initiation of CIRP proceedings, time spent in pursuing remedy under SARFAESI Act or any other recovery law cannot be excluded.(2) IBC is essentially a statu....
The provisions of Section 18 of the Limitation Act are applicable to proceedings under the Insolvency and Bankruptcy Code, and an acknowledgement in a balance sheet without a qualification can extend....
(1) Acknowledgement of liability that is made in a balance sheet can amount to an acknowledgement of debt. Though filing of a balance sheet is by compulsion of law, acknowledgement of a debt is not n....
Acknowledgment of debt through balance sheets and restructuring efforts extends limitation under Section 18 of the Limitation Act; thus, a Section 7 application under IBC remains valid even if initia....
(1) Initiation of Corporate Insolvency Resolution Process (CIRP) – Period of limitation for making application under Section 7 or 9 of IBC is three years from the date of accrual of right to sue, tha....
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