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2019 (11) TMI 1519 - 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:- The pleadings of the petitioner clearly show that the instant petition is filed in order to recover alleged outstanding rather to initiate CIRP, which is object of Code. It is settled position of law that provisions of Code cannot be invoked for money recovery. So far as the limitation is concerned, it is a settled position of law that provisions of Limitation Act would be applicable to the provisions of Code. The Hon'ble Supreme Court in the case of B.K. Educational Services Put. Ltd. Vs. Parag Gupta and Associates [2018 (10) TMI 777 - SUPREME COURT], has, inter alia, held that provisions of Limitation Act will apply to proceedings or appeals before NCLT/NCLAT. Section 238A of the Code make provisions of Limitation Act would apply to proceedings under the Code. The Petitioner failed to explain as to how the instant Company Petition is within limitation since the alleged debt and default occurred as early in the year, 2014. The instant case is not a fit case to admit and it is liable to be dismissed by granting liberty to the parties to settle the issue in the interest of business relationship - Application dismissed.
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