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2020 (1) TMI 1256 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - NPA - Financial Debt - existence of debt and dispute or not - time limitation - HELD THAT:- The account of the corporate debtor was declared NPA on 30.11.2010, whereas, the application under Section 7 of I & B Code has been filed on 29th May, 2018 i.e. after eight years from the date of accrual of cause of action - In the instant case the applicant has filed the application under Section 7 of the I & B Code on 29th May, 2018 after eight years from the date of accrual of cause of action i.e. 30.11.2010. Thus, the application filed under Section 7 of I&B Code is apparently time barred. In the case on hand the cause of action arose on 31.01.2013 when the last payment was made by the corporate debtor, though date of default was 30.11.2010, but, thereafter, 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. Application not maintainable and is dismissed.
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