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2020 (1) TMI 1527 - Tri - Insolvency and BankruptcyMaintainability of application - Applicant has locus to file this Application or not - initiation of CIRP - Corporate Debtor failed to make repayment of its debt - Financial Creditors - existence of debt and dispute or not - time limitation - HELD THAT:- It is true that the Applicant has not placed any material showing that this debt was acknowledged in between 2004 and 2008. When three years have been passed after loan acknowledgement, such claim is to be treated as time barred debt. Any acknowledgement after expiry of three years, date of acknowledgement cannot be called as acknowledgement as stated under Sec. 18 of the Limitation Act. We are of the view that no acknowledgement is present to say that this debt is not time barred, for this Applicant has filed Final Order of the DRT before admission of the case by putting it to the notice of the Corporate Debtor, this Bench can even admit this Insolvency and Bankruptcy Application based on the direction given the DRT against the Corporate Debtor by taking the Order passed by the DRT for initiation of CIRP into consideration. For the Debt Recovery Tribunal having passed the order for payment, it is safely inferred that this debt is not time barred, therefore, we hereby admit this Insolvency Bankruptcy Application. In Section 7 cases, if debt and default are proved as in existence, even if any difference to the quantum of the claim mentioned in the application and the quantum of claim due and outstanding against the Corporate Debtor, for the Applicant having proved the existence debt and default, merely by seeing the difference in the quantum, the Petition shall not be dismissed against the Corporate Debtor - Moreover IRP/RP, as the case may be, is entitled to verify the claim and modify the same, therefore the difference in quantum cannot militate against the purpose and object of admission u/s. 7 of the Code. Application admitted - moratorium declared.
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