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2019 (5) TMI 1687 - AT - Insolvency and BankruptcyAdmissibility of application - initiation of CIRP - existence of dispute or not - Section 7 of the 'Insolvency and Bankruptcy Code', 2016 - HELD THAT:- In M/S. INNOVENTIVE INDUSTRIES LTD. VERSUS ICICI BANK & ANR. [2017 (9) TMI 58 - SUPREME COURT] the Hon'ble Supreme Court further held that "where the Adjudicating Authority is to be satisfied that a default has occurred, that the corporate debtor is entitled to point out that a default has not occurred in the sense that the "debt", which may also include a disputed claim, is not due. A debt may not be due if it is not payable in law or in fact." The property having mortgaged, it is also held that the claim is not barred by limitation as the period of limitation is 12 years with regard to mortgaged property and in terms of Section 5 (7) read with Section 5(8) as the property is mortgaged, Respondent No. 2 also comes within the meaning of 'Financial Creditor'. The application under Section 7 is not barred by limitation nor the claim of Respondent No. 2 is barred by limitation - Appeal dismissed.
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