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2019 (9) TMI 1387 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - applicability of time limitation - HELD THAT:- As per the particulars of Financial Debt provided in Part-IV of the Application and Para -11 of the rejoinder submitted by the Applicant Corporation Bank, Account of the Respondent No. 1 was classified as non-performing asset on 23.05.2014 as per the prudential norms of the Reserve Bank of India. Further, the Applicant Corporation Bank has filed the present application on 05.02.2019. Hence, the facts which are material in respect of the Limitation for maintainability of the application need to be considered first. The date of default as averred by the Petitioner in the Part-IV of the application is 23.05.2014 - That the Petitioner has placed two Letters dated 08.09.2015 showing 'Acknowledgement of Debt/ Liability by the Borrowers' made by the Respondent. Even if one takes into account the abovementioned acknowledgement letters, the limitation gets extended till 07.09.2018 only. However, the Petition in the instant case by the Financial Creditor is filed only on 05.02.2019. Further, the Respondent Company has raised a specific objection in its reply regarding maintainability of the application on the ground of limitation. The Petitioner has failed to rebut the objection even in its rejoinder. This Bench is of the view that the Petition has not been filed within the Limitation period - the petition fails on the ground of limitation. Petition dismissed.
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