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2018 (5) TMI 1996 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of dues - existence of debt and dispute or not - time limitation - HELD THAT:- The period of limitation i.e. three years gets over on 22.12.2015 from the initial date of acknowledgement i.e., 22.12.2012. The present application has been filed on 12.02.2018. However, upon perusal of the Balance Sheet of the Corporate Debtor for the year ending on 31.03.2017 and in view of the aforesaid judgement of the Hon'ble Delhi High Court, it is clear that there is an express acknowledgement of the loan amount due to the Financial Creditor which causes the revival of the claim from the said date notwithstanding the bar of limitation - the present application is not time barred. This is a petition filed by a financial creditor under section 7 of the I & B Code - the objections raised on the side of the respondent are unsustainable under law. On a perusal of the records we are also satisfied that this application is complete as per section 7(5) (a) of the I&B code. Application admitted - moratorium declared.
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