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2020 (8) TMI 867 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of debt and dispute or not - threshold limit of minimum default - petition filed within time limitation or not - HELD THAT:- In the present case, it would be seen that the petition has been filed under Insolvency & Bankruptcy Code on 23.09.2019 which is within 3 years from the due date with regard to only one invoice i.e. Invoice No. 16011613002088, dated 09.09.2016, after considering the grace period of 20 days as agreed between the parties in terms of clause 2.4 of the Agreement dated 03.03.2016 as the right to sue under this invoice accrues on 29.09.2016. For the other two invoices for which the due date is 14.08.2016 and 21.08.2016 are clearly barred by limitation as the present petition has been filed on 23.09.2019. The invoice dated 09.09.2016 is only for an amount of ₹ 36,074/- and even if the interest @ 24% is added, the total amount comes to ₹ 61,288/-. This is well below the threshold limit of minimum amount of default of ₹ 1,00,000/- for any petition under section 7 or 9 to be considered/ admitted by this Tribunal in terms of Section 4 of the Insolvency and Bankruptcy Code, 2016. Petition dismissed.
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