# In the matter of Abhijit Jasrasaria Vs. JOP International Ltd. Comp. App. (AT) (Ins.) No. 187 of 2021

> NCLAT judgment dated 2022-02-07. Citation: TCN-2022-NCLAT-00639. The appeal was filed against the order dated 07.01.2021 passed by the Adjudicating Authority…

- **Court:** NCLAT
- **Order date:** 7 Feb 2022
- **Citation:** TCN-2022-NCLAT-00639
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/abhijit-jasrasaria-vs-jop-international-ltd-comp-app-084d7a98

## Summary

### Background

The appeal was filed against the order dated 07.01.2021 passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench-V, which rejected the application filed by the Appellant under Section 7 of the I&B Code. The Appellant had filed an application under Section 7 claiming dues of Rs. 87,38,000/- which was deposited towards the cost of shops through a Buyers' Agreement dated 24.02.2009.

## Facts

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.

## Issues and analysis

### Issue 1: Whether the application filed under Section 7 …

**Ratio:** Article 137 of the Limitation Act provides a limitation period of three years from when

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**Reasoning:** The court reasoned that the default was committed on 24.10.2010, as claimed by the

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**Interpretation:** The court interpreted Article 137 of the Limitation Act to mean that the

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**Application:** The court applied the ratio to the facts by determining that the date of

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## Parties

- **Judges:** Ashok Bh…; Ashok Kumar…; +1 more
- **Appellants:** Abhijit Jas…
- **Respondents:** JOP International…
- **Advocates:** P.K. Sac…; Aayush Ma…; +2 more

## Timeline

- **2009-02-24 — Buyers' Agr…**: Buyers' Agreement was executed between…
- **2010-02-24 — Expected Posses…**: According to the agreement, possession of the property was to be given within 12 months…

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