Abhijit Jasrasaria filed an application under Section 7 of the I&B Code, claiming dues of Rs. 87,38,000/- deposited towards the cost of shops through a Buyers' Agreement dated 24.02.2009. The Adjudicating Authority rejected the application. The Appellant claimed the date of default as 24.10.2010, based on the agreement that possession should have been given within 12 months from the date of signing the agreement (24.02.2010). The Appellant also filed an execution application based on an order passed by RERA dated 06.03.2019. The Respondent argued that the Section 7 application was barred by limitation. The key fact is the date of default claimed by the Appellant (24.10.2010) and the limitation period of three years under Article 137 of the Limitation Act.

Abhijit Jasrasaria filed an application under Section 7 of the I&B Code, claiming dues of Rs. 87,38,000/- deposited towards the cost of shops through a Buyers' Agreement dated 24.02.2009. The Adjudicating Authority rejected the application. The Appellant claimed the date of default as 24.10.2010, based on the agreement that possession should have been given within 12 months from the date of signing the agreement (24.02.2010). The Appellant also filed an execution application based on an order passed by RERA dated 06.03.2019. The Respondent argued that the Section 7 application was barred by limitation. The key fact is the date of default claimed by the Appellant (24.10.2010) and the limitation period of three years under Article 137 of the Limitation Act.