This appeal has been preferred by shareholder and Director of ‘Fernas Construction India Pvt. Ltd.’ (Corporate Debtor) against the order of AA stating that the amount due or payable as claimed by the operational creditor being barred by limitation, there is no debt payable in law and therefore the question of default does not arise. In the present case we find that the ‘Fernas Construction India Pvt. Ltd.’ (Corporate Debtor) in its job completion certificate has shown the actual value of work executed by the Operational Creditor. In reply to the demand the Corporate debtor intimated the Operational creditor that all the bills along with supporting documents are in process. It has not disputed the claim. Till date the ‘Fernas Construction India Pvt. Ltd.’ (Corporate debtor) has not completed reconciliation of all the bills and not signed reconcile statement and kept matter pending. NCLAT has held that there is a continuous cause of action. So the claim of the Operational Creditor is not barred by limitation and the Corporate Debtor cannot take plea that there is no debt payable to Operational Creditor in law.
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