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2019 (7) TMI 1724 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - existence of Financial debt and dispute or not - Non-performing asset - HELD THAT:- This Tribunal issued notice to the Corporate Debtor on 22nd February, 2018 which was duly received by the Corporate Debtor who sought time to file reply on 4th April, 2018, and after filing the rejoinder by the Financial Creditor, time was sought by the Corporate Debtor for settlement. However, request for seeking further time made on behalf of the Corporate Debtor was objected to by the Financial Creditor after his pleadings were completed. The matter has been heard finally on 3rd July, 2019. The Counsel for the Financial Creditor has taken us through the contents and averments made in the application and also through various documents placed on record. While hearing the Counsel for the Corporate Debtor, the Corporate Debtor has mainly submitted that the petition is defective and cannot be accepted because the documents and bank statements enclosed with the application are in violation of the Bankers Books Evidence Act, 1891. In the instant case, there is no plea of limitation. This application was filed in time before the expiry of the period of limitation. So even if there are certain errors in calculation of the debt due, or that the statement of account was not updated immediately before the filing of this application, according to us, the plea of limitation is devoid of any merit. We are on summery trial. The law is settled that "a limited inquiry cannot be converted into a full dressed trial" The application filed by the Financial Creditor under Section 7 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process against the Corporate Debtor, M/s. Amrit Fresh Private Limited is hereby admitted - moratorium declared.
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