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2021 (2) TMI 1206 - Tri - Insolvency and BankruptcyMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Debt or not - Financial Creditors - existence of debt and dispute or not - Time Limitation - HELD THAT:- It can be seen that right from the date of default on 13.11.2013 to filing the Petition on 22.11.2019, the petition is well within the period of limitation as prescribed u/s.19 of the Limitation Act, 1963. The nature of Debt is a “Financial Debt” as defined under section 5 (8) of the Code. It has also been established that there is a “Default” as defined under section 3 (12) of the Code on the part of the Debtor. The two essential qualifications, i.e. existence of ‘debt’ and ‘default’, for admission of a petition under section 7 of the I&B Code, have been met in this case. Besides, the Company Petition is well within the period of limitation - it is found that the Petitioner has not received the outstanding Debt from the Respondent and that the formalities as prescribed under the Code have been completed by the Petitioner, this Petition deserves ‘Admission’. Application admitted - moratorium declared.
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