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2019 (12) TMI 1358 - 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:- In the instant case the invoices has been raised against corporate debtor on 13.03.2014 and there is no pursuance of the said liability by operational creditor against the corporate debtor till the issuance of demand notice dated 27.03.2019. Thus there is huge gap of more than five years in between the two dates which is unexplained - Since the Limitation Act is applicable to applications filed under Section 7 & 9 of I&B Code, Article 137 of the Limitation Act is invoked. The said Article provides the period of Limitation as in case of any other application for which no period of limitation is provided elsewhere, to be three years from the time when the right to apply accrues. In the present case the legal action accrues from the date of invoice and the time limitation also accrues from the same date. In the instant case invoice has been raised on 13.03.2014 and the present proceedings have been initiated by way of the statutory demand notice only on 27.03.2019. Petition dismissed.
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