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2021 (4) TMI 1265 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Operational Creditors - existence of pre-existing dispute or not - time limitation - principles of estoppel - novation of contract - HELD THAT:- A statement made before the arbitrator of both the parties not only amounts to an admission but also that principle of estoppel operates on the respondent/company for deviating from their own stand. It is also important to note that this statement which is made voluntarily by the Director of the respondent/company amounts to novation of the contract and casts a liability on the part of the respondent to make the payment as claimed in the petition. The petitioners have made out their case on the aspect of limitation which has been triggered from the date of this e-mail, viz. 21.01.2015 till the date of filing, viz. 26.09.2017, which is within the period of three years. The petition deserves to be admitted - petition admitted - moratorium declared.
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