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2020 (1) TMI 1241 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - time limitation - HELD THAT:- On perusal of the records it is found that all the invoices in question had fallen due in the year 2013. Even as per the documents produced by the applicant (page 22) the last payment was received on 30.06.2015 and the petition is filed on 10th August, 2018 i.e. beyond three years - It is pertinent to mention here that prior to 10.11.2017 no action whatsoever has been taken by the applicant to recover the alleged debt. According to part II of first division of schedule given under the Limitation Act, 1963 a debt is deemed time barred if the lender or the supplier of goods and services does not recover the money or does not take legal action within three years from the due date. In the instant case more than three years has been elapsed from the due date, therefore, the debt which is claimed by the applicant through this petition is a time barred debt, hence this application is not maintainable. In the case on hand no acknowledgement was made by the corporate debtor and/or obtained by the applicant before expiration of three years as required in Section 18 of the Limitation Act, therefore, the application is barred by limitation as it fall under article 137 of the Limitation Act which is a residuary article - the Adjudicating Authority is of the considered view that the instant application is not maintainable as the same is barred by Limitation Act. Petition dismissed.
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