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2019 (11) TMI 1509 - 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:- This Adjudicating Authority do not find any reasons to admit the case under Section 7 of Insolvency and Bankruptcy Code, 2016 for Corporate Insolvency Resolution Process. Time Limitation - HELD THAT:- This Application is filed before this Adjudicating Authority on 31.01.2019, when the case against the Corporate Debtor was decreed on 17.05.2005, it is beyond 12 years and the Recovery Proceedings is still going on before the DRT, Mumbai from 2005 onwards. Moreover, the Limitation Act is applicable to the application filed under Section 7 of Insolvency and Bankruptcy Code, 2016 from the inception of the Code. Hence, Section 137 of the Limitation Act gets attracted to this Petition. This Adjudicating Authority is also of the view that this Tribunal is not for recovery of dues and the possibility of finding any Corporate Insolvency Resolution Plan for the Corporate Debtor is not in sight, (a) when the suit was filed against the Corporate Debtor 22 years back in 1996; (b) the recovery proceedings is going on for last 14 years from 2005; (c) the Respondent Company's Registered Office/Corporate Office is closed/left; (d) notice could not be served to the Corporate Debtor and no one from Corporate Debtor appeared before this Adjudicating Authority despite paper publication. Petition disposed off.
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