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2019 (1) TMI 1748 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate DEbtor failed to make repayment of its debt - existence of debt and dispute or not - Time Limitation - HELD THAT:- Both the parties have waited for more than 6 years to raise the issue again to settle the old disputes. Admittedly, the respondent ceased to manufacture IMFL for the petitioner since November, 2012. Therefore, laches and limitation applies for both the parties. And now it is settled position of law that law of limitation applies for invoking provisions of Code. The hon'ble Supreme Court of India, in the case of B. K. Educational Services P. Ltd. v. Parag Gupta and Associates [2018 (10) TMI 777 - SUPREME COURT], has examined the issue of applicability of provisions of the Limitation Act, 1963 to the provisions of the Code. Therefore, the case is also barred by laches and limitation. Existence of debt and dispute or not - HELD THAT:- The impugned demand is not only disputed, but it is also not established with supporting documents, and it is also barred by laches and limitation. The law on issue as discussed above is also against the petitioner. Therefore, the petitioner failed to make out any prima facie case to admit the instant case and it is liable to be rejected. Application rejected.
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