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2019 (8) TMI 1599 - AT - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of debt and dispute or not - Financial Creditor or not - time limitation - HELD THAT:- As the present case has admittedly the right to apply accrued to the appellant (financial creditor) since December 1, 2016, i. e., the date when "I and B" Code came into force, the application under section 7 of the "I and B" Code is well within the time and maintainable. The "corporate debtor" while borrowing the amount also mortgaged its immovable property on March 10, 2005. The corporate guarantee/personal guarantee was also given by the "corporate debtor" on March 5, 2005 - it is clear that there is a continuous cause of action. Further, we find that the "corporate debtor" by its letter dated June 23, 2016 also requested the "financial creditor" to accept one-time settlement. Thus, the claim of the respondent (financial creditor) was not barred by limitation. Further, there being mortgaged property the period of limitation to enforce payment of money secured will be 12 years when money sued for becomes due. For the reason aforesaid, the claim of the "financial creditor" is not barred by limitation. Appeal disposed off
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