The National Company Law Tribunal (Indore), in the case of Oswal Pumps Limited v Bhopal Tractors Private Limited, held that “ if a Corporate Debtor merely requests statements or ledger from the Operational Creditor for verification, then the such act would not amount to an admission of claim and would not renew the limitation period.”
In the instant matter, Oswal Pumps Limited supplied submersible pumps, monoblock pumps, and electric motors goods to Bhopal Tractors Pvt. Ltd. The corporate debtor failed to make payment of certain invoices. A Demand Notice under Section 8 of the Insolvency & Bankruptcy Code, 2016 (“IBC”) to the Corporate Debtor. A default of Rs. Rs 39,89,321/- inclusive of interest was found.
It is pertinent to note that the Corporate Debtor contended since the date of default is 08.03.2015, the application is barred by limitation.
Section 8 of IBC, “An operational creditor may, on the occurrence of a default, deliver a demand notice of unpaid operational debtor copy of an invoice demanding payment of the amount involved in the default to the corporate debtor in such form and manner as may be prescribed.”