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2017 (11) TMI 1679 - AT - Insolvency and BankruptcyLimitation Act, 1963 applicability for triggering 'Corporate Insolvency Process' under I&B Code - Held that:- As decided in Speculum Plast (P.) Ltd. v. PTC Techno (P.) Ltd. [2017 (12) TMI 454 - NATIONAL COMPANY LAW APPELLATE TRIBUNAL NEW DELHI] in view of the settled principle, while we hold that the Limitation Act, 1963 is not applicable for initiation of 'Corporate Insolvency Resolution Process', we further hold that the Doctrine of Limitation and Prescription is necessary to be looked into for determining the question whether the application under Section 7 or Section 9 can be entertained after long delay, amounting to laches and thereby the person forfeited his claim. The stale claim of dues without explaining delay, normally should not be entertained for triggering 'Corporate Insolvency Resolution Process' under Sections 7 and 9 of the 'I&B Code'. However, the aforesaid principle for triggering an application under Section 10 of the 'I&B Code' cannot be made applicable as the 'Corporate Applicant' does not claim money but prays for initiation of 'Corporate Insolvency Resolution Process' against itself, having defaulted to pay the dues of creditors. We, accordingly, set aside the impugned order dated 25th May, 2017 and remit C.P. back to the Adjudicating Authority, Principal Bench, New Delhi to consider the matter in accordance with law.
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