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2022 (4) TMI 942 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL , PRINCIPAL BENCH , NEW DELHIMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - ddebt due and payable or not - time limitation - HELD THAT:- Having regard to the letter dated 18.11.2015 which acknowledges the debt amount due and payable to the tune of ₹ 20,58,29,912/-; the cheques dated 23.02.2017 issued by the Corporate Debtor to the Appellant herein for an amount of ₹ 16 crores which has been dishonoured; the acknowledgement of debt in the Reply issued by the Corporate Debtor dated 18.03.2017 which establishes the jural relationship between the parties as envisaged by the Hon’ble Supreme Court in the Case of Dena Bank (Now Bank of Baroda) Vs. C. Shivakumar Reddy & Anr. [2021 (8) TMI 315 - SUPREME COURT] and specifically the acknowledgment in the Balance Sheets in the Impugned Order which extends the limitation by three years, this Tribunal is of the earnest view that the Respondent has clearly acknowledged the ‘Debt’ due and payable to the Appellant and even proposed settlement of the accounts. Thus, the Application filed on 10.06.2020 is within three years of the last date of acknowledgment and hence is not barred by Limitation. Appeal allowed.
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