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2019 (8) TMI 1556 - NATIONAL COMPANY LAW TRIBUNAL, MUMBAI BENCHMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - Time limitation - HELD THAT:- The Petitioner has annexed the Commercial Credit Information Report issued by TransUnion CIBIL, the Statement of Accounts and Balance Sheets of the Respondent for the period 2014-15 establishing the debt and default. Time Limitation - HELD THAT:- The Respondent’s contention that the petition is not maintainable as it is barred by limitation is unsustainable as rightly pointed out by the Petitioner and on account of proceedings bearing O.A No.48 of 2015 before the Ld. DRT, New Delhi already being initiated on 08.01.2015. The Application under sub-section (2) of Section 7 of I&B Code, 2016 is complete. The existing financial debt of more than rupees one lakh against the corporate debtor and its default is also proved. Accordingly, the petition filed under section 7 of the Insolvency and Bankruptcy Code for initiation of corporate insolvency resolution process against the corporate debtor deserves to be admitted - Application admitted - moratorium declared.
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