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2017 (7) TMI 1420 - 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 - time limitation - HELD THAT:- This debtor company having come out of reference on 01.12.2016, since the claim of this Creditor has risen while the debtor was continuing as sick unit, this claim is claimable from the date BIFR proceedings have been stood as abated, whereby this Bench hereby holds that the claim raised by the Creditor is well within the limitation. So far this company has not initiated any proceedings before this Bench seeking any relief to claim as stated in the eighth schedule of I & B Code, therefore we hold that this claim is within limitation. It is an admitted fact that this Corporate Debtor has not raised any dispute either by filing any suit or any proceeding in respect to of the quality of goods, therefore, this appears as a defense set up for the sake of frustrating this claim, but not basing on any dispute as required under I & B Code. The Creditor in this case has not claimed any interest over the value of the goods supplied in the year 2011-12, he has only added the arrears of the interest that is payable by the Corporate Debtor for delay that has happened in making payment in respect to earlier invoices in 2010-11. Since it has been showing in the accounts maintained by the applicant, we believe that this Creditor is entitled to claim the arrears of interest i.e. Rs. 10,70,400 over the dues of the year 2010-2011. To prove this claim, the Creditor having filed invoices for the goods supplied to the Corporate Debtor, as to default is concerned, since the Corporate Debtor himself has taken ground that the claim is barred by limitation, the Creditor having disclosed that no payment has been made by the Corporate Debtor herein and the same not being disputed by the debtor, it can be said without any further proof that this Corporate Debtor defaulted in making payment of the Claim made by the Creditor. This debt is barred by limitation, that goods are of inferior quality, and those pleas being turned down, we hold that this case is fit for initiation of insolvency resolution process - Petition admitted - moratorium declared.
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