NCLT JUDGEMENT ON SECTION 21 OF THE ARBITRATION AND CONCILIATION ACT, 1996, SECTION 4, 8, 8(1), 8(2), 9, 9(3)(B), 9(3) (C), 9(5)(I)(A), 14, 15, 17, 18, 20, 21, 31(1), 33 OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016, SECTION 19 OF THE LIMITATION ACT, 1963 AND ARTICLE 137 OF THE LIMITATION ACT, 1963


Burda Druck India Private Limited Vs. Dynamic Textbooks Printers Private Limited, (2020) 05 NCLT CK 0008

NCLT allowing the application filed by the applicant to initiate corporate insolvency resolution process of the Corporate Debtor due to the non-payment of outstanding dues by Corporate Debtor to the Operational Creditor, which is a principal amount and fell due on 7th November, 2017. While allowing the application NCLT held that in view of the Section 19, we are of the considered view that limitation runs from the last date of payment and when we shall count the date of limitation from 18th January, 2017 i.e. date of last payment by the Corporate Debtor then we find that the present application is filed on 11th September, 2019, therefore, it is within 3 years from the date of last payment made by the Corporate Debtor. For the reasons discussed above, we are of the considered view that in view of Section 9(5)(i)(a) since the application is complete, there is no payment of unpaid operational debt, which is more than Rs. 1 Lakh, which is the minimum threshold U/S 4 of the Code for initiating a proceeding U/S 9 of the Code and no notice of dispute as required U/S 8(2) of the Code is raised by Corporate Debtor. Therefore, we think it is proper to admit the application.

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