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2021 (3) TMI 1337 - NATIONAL COMPANY LAW TRIBUNAL, AHMEDABADMaintainability of application - initiation of CIRP - Corporate Debtor failed to make repayment of its dues - Financial Creditors - existence of debt and dispute or not - HELD THAT:- The application is filed by Shri. Vishal Jitendra Patel, Director of the Petitioner Company with authorization papers. As per Section 7 of IBC, for an application preferred by the Financial Creditor for initiation of Corporate Insolvency Resolution Process, the Adjudicating Authority is required to see the existence of financial debt and ascertain the existence of default. As per the documents submitted by the Petitioner that there is a financial debt in the form of loans availed by the Corporate Debtor. The date of default is on 29.09.2015. The last date of payment by the Corporate Debtor is on 29.09.2015 and thereafter no payment was made. The last entry in 26AS of the Income Tax Statement for payment of interest is on 31.03.2016. The application is Educational Society held that Limitation Act is applicable to the proceedings under IBC. The petition is not maintainable as time barred. As a consequence, the instant petition is rejected in terms of Section 7 of the IB Code - Petition dismissed.
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